USD.AI October Recap: GLX Launch, $106M NexGen Facility, and $1M CHIP Buyback
Key Metrics
As of publication:
- $474M total value locked
- 7.00% net APY, supported by the CHIP Hurdle Rate
- $531M lifetime GPU financing originated across 20 financings
- $200M+ through GLX in its first month
GLX Launches and Brings Institutions into GPU Financing
The GPU Loan Exchange (GLX) is an institutional marketplace that connects GPU financings originated through USD.AI with institutional capital.
It launched on October 1 with its first season and sell. The $98.1M Duos Edge AI facility, funded in June, was sold to an institutional buyer once it was seasoned and performing, and the capital returned to sUSDai to fund new GPU financings.
Four weeks later, institutions came in from the start. A $106M facility for NexGen Cloud’s 1,728 NVIDIA B300 GPUs in Finland was financed through GLX, with Silver Point Capital and Victory Park Capital taking positions at origination. Silver Point oversees more than $48B in investable assets, and Victory Park is a private credit manager majority-owned by Janus Henderson. NexGen first financed $34M through USD.AI in June and came back for three times that.
With both deals, more than $200M in GPU financing has gone through GLX in its first month.
sUSDai Now Has a 7% Hurdle Rate
The CHIP Hurdle Rate launched with Allo Game S3. When sUSDai yield falls short of 7%, the Yield Reserve tops it up. The reserve is funded over time by profits from GLX sales. In the first period, from October 15 to November 1, the CHIP Foundation donated $127,927, bringing sUSDai to 7.00% annualized.
$1M of CHIP Bought Back
USD.AI Inc. bought back 22.3M CHIP across multiple exchanges.
The Compounding Economics of CHIP proposes making buybacks ongoing by sending the protocol’s 10% fee on sUSDai yield to CHIP buybacks. CHIP holders will decide through the new CHIP governance forum, which went live on October 19.
S2 Rewards Are Claimable and S3 Is Underway
Anyone who earned Allo points in S2 can now claim their share of 225M CHIP, with no lockup or vesting. Claim by January 31, 2027.
S3 runs through April 14, 2027. sUSDai, USDai and CHIP positions earn points. See all the different ways to earn.
Further Reading
USD.AI has reviewed nearly 700 GPU financing deals this year. The demand is there, and the bottleneck is the cost of structuring each financing. 10,000 Neoclouds explains why the next wave of compute borrowers needs faster, lower-cost financing, and how GLX and sUSDai are built to deliver it.
As GLX turns capital over faster and USDai and sUSDai grow, that activity feeds back into CHIP. The Compounding Economics of CHIP lays out how, in one line: velocity builds mass, and mass funds CHIP.
