USD.AI Secures $13 Million in Series A Funding for AI Loans
The stablecoin protocol USD.AI, focused on providing credit to AI companies, has secured $13 million in Series A funding, led by Framework Ventures.
- Developed by Permian Labs, USD.AI issues loans to AI firms using GPU hardware as collateral, reducing approval times by over 90% compared to traditional lenders.
- The system includes USDai, a dollar-pegged token, and sUSDai, a yield-bearing version backed by compute assets.
- CEO David Choi stated that USD.AI's model treats GPUs as commodities, facilitating rapid loan approvals.
- Framework’s Vance Spencer compared AI's capital needs to an "oil boom," indicating potential democratization of funding access.
- USD.AI has amassed $50 million in deposits during its private beta and plans a public launch featuring an ICO and game-based allocation model.
- The project may signify a convergence between stablecoins and AI, enhancing financial automation and security across various applications.