The mission of USD.AI and the roadmap for the next 24 months.

1. Last 6 months: Found PMF in the neocloud sector + $10bn of volume traded
2. First 12 months: The Interest Rate of intelligence (sUSDai) - lending layer
3. Next 24 months: The Stablecoin of Intelligence (USDai) - settlement layer
4. The end of SaaS: The “Iron Age” of Credit

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The 2nd largest opportunity in AI is right in front of us

Nvidia is the #1 business model in AI, and getting close to $500bn of GPU sales 5 quarters.

The 3rd largest business is the LLM, where OpenAI makes $20bn a year.

USDAI is focused on disrupting the 2nd largest business in the AI sector today: debt.

Neoclouds are paying closer to $650-700bn for $500bn of chips, due to interest rate and other costs in order to purchase the GPUs at massive scale. This is a $150-200bn of financing costs, and clearly the largest industry after Nvidia, and 5x bigger than the largest LLM.

AI Capex is close to $10 trillion dollars in the next 5 years, all of which will be debt financed.

Hyperscalers can’t issue more debt (eg Oracle), private credit is in full retreat (because it’s illiquid). What’s missing is the ability to trade the debt of GPUs. This isn’t that dissimilar to what happened with wstETH and ETH staking - before Lido, ETH was just stuck in staking. Collateralizable derivatives solved the liquidity problem.

This also makes this the 2nd largest expense in the AI space, which is covered in the “Next 24 Months.”

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Last 6 months

Since its launch over the last 6 months, USDAI has focused on demonstrating two things:

1. Find borrowers: convince AI neoclouds to borrow stablecoins, even though they never touched a wallet.
2. Generate traded volume in the secondary markets: $12 billion dollars traded

Both of these were achieved in the last 6 months.

• Organic demand: There has been enormous demand from emerging neoclouds with the fallback of private credit funds in the last 3 months, where USD.AI has been described as a “monopoly” in the sub $150m GPU lending space by participants in the space
  • Initially, the USDAI customer base started from doing $1-5m loans, but is now expanding to many of the BTC → AI HPC conversions such as QumulusAI, SharonAI, and other >$1bn NASDAQ listed brand name companies who want access to non-recourse, non-dilutive debt financing.
    • These deals are typically >$80m (a 128 node) to start, and scale in these clip sizes, which is ideal for continuous NAV instrument.
• Invent entirely new risk derivatives: Invented a brand new value insurance product with Barkr & MunichRe to enable no-offtake lending structures, which were previously very difficult to finance

  1. Credit risk was a concern.

  2. Insurance absorbs the risk through third parties. It's less yield, but bad debt is the worse outcome.

  3. The reason chip-owning companies are so big is that GPU depreciation isn’t really a thing; they’re hoarding the GPUs, so the collateral is anti-fragile to politics.

  4. If things like the helium dilemma in the Strait of Hormuz caused the collateral to appreciate a lot, the collateral is actually better. It ends up being countercyclical to geopolitical events.

  5. An underlying asset showing economically invariant demand. Military wants Claude Mythos. They want it for Palantir; there’s a fixed demand for GPUs regardless of what the economy does. If there’s a supply shock, the assets stabilizing the loans are quite pristine.

     

DeFi is dead? USD.AI is rebuilding DeFi by building AI.

This is why the next $10bn of TVL in DeFi will be GPU loans, and not unproductive onchain collateral with no economic basis.

sUSDai has a high interest rate because of the industry’s growth, not because of the mediocre credit quality. It is such a fast-moving market that borrowers are willing to pay a lot to access GPUs. And if shit hits the fan, there is 1) the economic argument that supply chain shocks improve the collateral and 2) an insurance business that will underwrite the risk

• Clear business model: for $1bn of originations, our YE2026 expected revenues will be $25-40m via origination fees & net interest margin, participants are willing to pay to get access to the protocol’s liquidity product.
• Former CFO of Coreweave joins as Senior Advisor to structure larger scale deals (Evan Meagher)
• Strategic institutional fundraise & partnerships @ $300m FDV: TBA (NASDAQ-listed), PayPal partnerhsip (NASDAQ: PYPL), Coinbase Ventures (NASDAQ: COIN), and Banyan Ventures (AI-focused venture fund).