Backed by AI Demand
Loans are repaid by the companies buying compute from AI data centers.
Ordered Exits
Redemptions from Earn run on a 30-day epoch, first in, first out.
Onchain Visibility
Loans, collateral, utilization and repayments are reported onchain, so you see what backs your position.
Backed by Hardware and Customer Contracts
Deposits fund loans secured by data center servers and paid from customer contracts.
- DepositsLoading live data
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- Current net APY*Loading live data
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- Cumulative yieldLoading live data
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- Protocol walletsLoading live data
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How Earn works
Three yield sources
Earn blends reserve income with interest from GPU loans at every stage, from capital in escrow to active loans.
Know what you hold
USDai is a stablecoin backed one-for-one by PYUSD and pays no yield. Stake it in Earn to receive sUSDai, your share of Earn. sUSDai isn't ownership of any one GPU or loan, and its value reflects how the loans and reserves perform.
Withdraw on a fixed 30-day cycle
Request a withdrawal at any time and join the queue. Every 30 days, on a fixed date, the queue is paid in order from available cash reserves.
Reserves
PYUSD not yet lent out
Active loans
Funded GPU loans paying interest
Capital in escrow
Committed to loans, waiting on install
Stake
USDai
Your share: sUSDai
Value reflects loan performance
Request any time
You join the queue
Fixed payout date
Next: [date]
Paid in order
First in, first out
Add yield to your product
Platforms use Earn to put dollar balances to work in GPU-backed credit.
Yield on user balances
Offer your users a dollar balance that earns from GPU loans, without running a lending business.
Put idle treasury to work
Move part of an idle stablecoin treasury into asset-backed credit you can explain to your board.
List or build on sUSDai
List sUSDai for your users or build products on it.
Collateral value, insured
Every loan's hardware carries residual-value insurance, designed to reduce loss severity if the GPUs sell below their insured value.
Illustrative: over a 36-month term the loan balance falls in a straight line from 75% of hardware cost to zero, the collateral value falls fastest early on, from 100% to about 10%, and the insured value falls from 80% to 15%. From about month six the insured value sits above the collateral value; insurance covers that gap.
| Month | Insured value | Collateral value | Loan balance |
|---|---|---|---|
| 0 | 80% | 100% | 75% |
| 6 | 69% | 68% | 63% |
| 12 | 58% | 46% | 50% |
| 18 | 48% | 31% | 38% |
| 24 | 37% | 21% | 25% |
| 30 | 26% | 14% | 13% |
| 36 | 15% | 10% | 0% |
Common questions about Earn
Earn's return comes from three sources: interest paid by GPU borrowers on active loans, earnings on capital committed to loans and held in escrow until the hardware is installed, and Treasury yield on reserves not yet lent out. You mint USDai one-for-one with PYUSD, stake it in Earn and receive sUSDai. USDai holds its dollar value and pays nothing on its own. sUSDai reflects what Earn earns, so your share reflects all three.
sUSDai withdrawals run on a 30-day epoch, processed in order, first in, first out. Redemptions are paid from available cash reserves, and loans sold through GLX also return capital to Earn. Together, the schedule and loan sales give users defined paths out of Earn.
Stablecoin deposits in Earn fund GPU loans secured by servers in data centers and repaid from customer contracts. Operators contribute at least 20% equity before a loan funds. Debt-service coverage is tested on actual collections. USD.AI monitors each loan with telemetry devices at the data center that report uptime and server health. For the full process, read how USD.AI underwrites loans.
In Earn, utilization is the share of capital working in loans, and it is what drives the return. That makes utilization, not TVL, the number to watch. TVL measures how large Earn is; utilization measures how much of it is working. When a loan sells through GLX, utilization falls and the capital returns to Earn for new loans.
Depositing into USD.AI Earn carries the risks of asset-backed lending: borrower default, collateral depreciation, counterparty failure, enforcement delays and losses during liquidation, plus smart contract and operational risk. Earn is not a bank deposit, savings account or bank product. Weigh each of these risks before you decide how much of your stablecoin balance to allocate.
If a GPU borrower defaults, three mechanisms apply to the loan Earn funded. Each loan carries a debt-service reserve, a cash or USDai buffer that covers loan payments if revenue collection is delayed. USD.AI holds step-in rights that allow replacement operators to keep contractual revenues current. USD.AI Earn is covered by residual-value insurance that provides a payout when collateral is liquidated following borrower default, subject to the policy terms.
