USD.AI issues $531M in GPU-backed loans as on-chain credit fills bank gap

The scale here matters less than the structure: first-priority liens on servers and SPV equity, funded by a stablecoin, let USD.AI underwrite neoclouds that banks decline, and the Silver Point and Victory Park participation suggests TradFi credit shops are willing to lean on on-chain origination for exposure to compute. That effectively turns GPU hardware into collateral in a market where resale values and chip depreciation cycles are still poorly benchmarked. Whether these credit terms hold up through a hardware downturn, and whether more institutional lenders follow into the same structures, is the open question.