Onchain lending protocol USD.AI approves $500 million loan for Australian AI startup

USD.AI, an onchain lending and stablecoin protocol, has approved a $500 million loan facility for Sharon AI, an Australian AI infrastructure provider, specifically to finance the expansion of its GPU deployments. Conor Moore, co-founder of Permian Labs (the firm behind USD.AI), stated that Sharon AI is an ideal partner because it possesses capital and expertise but is constrained by traditional financial systems. USD.AI functions as an onchain bank for AI startups, isolating risk by only lending against tokenized, verified GPU assets pledged as collateral. The protocol utilizes a dual-token model involving its USDai stablecoin and a yield-bearing sUSDai counterpart. Sharon AI plans to begin drawing on the facility this quarter to fund initial GPU deployments totaling $65 million.

(Source：The Block)