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USD.AI (CHIP)

USD.AI's GPU lending, deal by deal, and what it means for the CHIP token.

Updated 3 Nov 2026, 11:26 UTC

GPU loans done$291.4M lent onchain + $128.9M in escrow waiting to fund$420.3M
Signed GLX pipeline$543.6M committed in all, 54.4% of the $1.0B goal$237.3M
Loan backing64.6% of deposits; $167.7M in PYUSD T-bills$306.2M
Average loan rateLoans at 70.6% of the GPUs' value (LTV)10.44% APR
GPUs financed28 loans made, 16 active; 0 defaults (0%)4,640
Money deposited (TVL)sUSDai $441.1M, USDai $33.3M, 80,424 users$474.4M
Saver yield (sUSDai)4.53% active loans + 1.90% escrow + 1.72% stablecoins; 6.89% after fees, 11.22% projected, 7.00% floor (CHIP Hurdle)8.15% gross
CHIP tokenMarket cap $81.2M, FDV $406.0M, 2.0B / 10.0B (20%) tokens out$0.0406

GPU loans done over time

  • Principal
  • Interest
$0$1.7M$3.4M$5.1M$6.9MNov 2026Mar 2027Jul 2027Nov 2027Mar 2028Jul 2028Nov 2028Mar 2029Jul 2029Nov 2029
Paid back so far$1.40M
Still dueinterest + principal$25.6M + $177.5M
Paymentsacross 21 loans628

GLX

GLX is USD.AI's desk for placing big GPU loans with institutions.

Compute IQ
USD.AI's 100-point score for each GPU deal
Separate legal box (SPV)
The GPUs sit in their own company; the lender has first claim on them
1.25x cash cover (DSCR)
The borrower's cash is about 1.25 times the loan payments, checked every quarter
Up to 80% of GPU value
The most a loan can be, as a share of the GPUs' value (LTV). Today's loans average 70.6%
$20M to $150M
Size of a GLX institutional deal
3 to 5 years
Paid down in equal monthly steps
10% to 15%
Target yearly return for institutional lenders

GLX headline deals (usd.ai/glx)

216 x NVIDIA B300Coming soon$105.8M
32 x NVIDIA GB200 NVL72In escrow$128.9M
Duos Edge AI, 288 x NVIDIA B300GLX institutional placement, not an onchain USDai pool loan$98.1M
130 x NVIDIA B300, Ohio, USAActive$54.4M

Every loan in USD.AI's deal feed

Deal / borrowerStageGPUsLocationOriginalRemainingAPRTermOfftake
B200 [38]0x8cfd…9b3aActive38 x B200TX, USA$8.6M$6.9M11.48%33 moSpot
H200 [75]0xface…5f82Active75 x H200MO, USA$15.5M$13.6M11.98%34 moContracted
RTX PRO 6000 [4]0xe12f…c5b6Active4 x RTX PRO 6000Montreal, CA$275.9K$241.4K13.48%32 moSpot
B300 [72]0xd938…c35cActive72 x B300WA, USA$25.3M$22.4M9.98%34 moSpot
B200 [8]0x2f25…b34dActive8 x B200France$1.8M$1.6M15.00%31 moSpot
B200 [32]0x8548…e5e3Active32 x B200TX, USA$11.3M$10.0M11.50%36 moContracted
B300 [130]0x1c5d…ac1fActive130 x B300OH, USA$54.4M$52.9M10.00%36 moContracted
B200 [32]0x522c…408aActive32 x B200DE, USA$7.5M$7.1M10.00%36 moContracted
RTX PRO 6000 [3]0x5996…4b18Active3 x RTX PRO 6000Montreal, CA$213.3K$187.4K13.48%33 moSpot
H200 [4]0x7f5d…5266Active4 x H200Montreal, CA$471.5K$398.9K11.98%26 moSpot
B300 [34]0x015e…1b09Active34 x B300PA, USA$15.3M$14.5M15.00%36 moSpot
B200 [96]0x2ff1…fbd0Active96 x B200Sweden$34.1M$30.3M12.00%36 moContracted
DGX B300 [24]0x2562…6723Active24 x DGX B300NE, USA$9.6M$9.3M15.00%36 moContracted
B200 [16]0x6034…23efActive16 x B200TX, USA$4.6M$4.6M13.50%36 moContracted
RTX PRO 6000 [3]0x4342…93b9Active3 x RTX PRO 6000TX, USA$179.6K$157.8K14.98%33 moContracted
B300 [9] / RTX PRO 6000 [18]0x1c3b…6d33Active9 x B300 + 18 x RTX PRO 6000PA, USA$3.8M$3.3M11.98%32 moContracted
GB200 NVL72 [32] - 5%0x14ef…71e9Escrow32 x GB200 NVL72BC, Canada$6.4M—9.00%36 moContracted
GB200 NVL72 [32] - 95%0xa19b…335cEscrow32 x GB200 NVL72BC, Canada$122.5M—9.00%36 moContracted
DGX B300 [72]0xf427…72fdSigned pipeline72 x DGX B300NE, USA$32.0M—15.00%36 moContracted
B300 [170]0x1fca…5f37Signed pipeline170 x B300France$55.0M—8.00%60 moContracted
B300 [128]0xe914…8206Signed pipeline128 x B300—$44.5M—11.50%36 moContracted
B300 [216]0x3e9d…c568Signed pipeline216 x B300Sweden$105.8M—12.25%48 moContracted

USD.AI's feed lists 27 entries; the tranches it groups into one loan are added up into one row, which gives 22 loans. 28 loans have been made in all (16 still active); finished ones drop out of the feed, so "Closed / repaid" lists only those it still shows. Borrower links open the loan's wallet on Arbiscan.

Where the dollars are

By GPU model

B300$297.3M
GB200 NVL72$128.9M
B200$60.4M
DGX B300$41.3M
H200$14.0M
RTX PRO 6000$1.6M

By stage

Signed pipeline$237.3M
Active$177.4M
Escrow$128.9M
GLX placement: Duos Edge AI$98.1M

Outstanding balance for live loans, the full amount for escrow and pipeline. GLX placements that are not in the pool's deal feed (usd.ai/glx) are shown as their own row.

CHIP token, fees and value

CHIP price$0.0406
Market cap$81.2M
FDVall 10B tokens$406.0M
Tokens out2.0B / 10.0B (20%)
Unlockto the 21 Apr 2027 UTC unlock169 days

On 21 Apr 2027 (UTC), 12 months after CHIP went live on 21 Apr 2026, 33% of the team's and investors' CHIP unlocks at once; the rest unlocks over the next 24 months.

Protocol fees

$0$1.4M$2.7M$4.1M$5.4MMay 2025Jul 2025Sep 2025Nov 2025Jan 2026Mar 2026May 2026Jul 2026Sep 2026Nov 2026

Fees each month (DeFiLlama). The big months include the one-off fee charged when a loan is made.

All time$31.5M
Last 30 days$2.7M

Biggest fee days: 4 Jun 2026, $3.2M ($3M origination fee from Duos Edge AI's debt financing); 1 Oct 2026, $2.3M; 26 Mar 2026, $1.2M.

Value vs loan book

ScenarioActive + escrow bookNew loans a yearOrigination fees (3%)Net spread revenueYearly revenueMarket cap / revenueFDV / revenue
1. Today (active + escrow)$310.7M$300M/yr$9.0M$4.7M~$13.7M5.9x29.6x
2. Committed (+ pipeline)$503.6M$450M/yr$13.5M$6.8M~$20.3M4.0x20.0x
3. Mid-case scale$750.0M$650M/yr$19.5M$9.6M~$29.1M2.8x14.0x
4. Management target ($1B)$1.0B$1B/yr$30.0M$12.3M~$42.3M1.9x9.6x

From our CHIP thesis memo. Revenue = 3% upfront fee on new loans + 1.1% net spread on the active book + 0.5% spread on $260M of T-bill reserves. The last two columns use CHIP's live market cap and FDV above.

Voting

CHIP delegated24.1% of all2.41B
Old staked CHIPsCHIP42.1M
Needed to pass700M
Delegates27
Proposals2
Set Proposal GuardianExecuted8 Oct 2026
Update Chip Governor parametersExecuted6 Oct 2026

Sources: USD.AI (usd.ai, api.usd.ai) for loans, deals, reserves, deposits, yields, paybacks and votes; DeFiLlama for fees; coins.llama.fi for the CHIP price.

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