Proof of Loans: Independent Attestation Report

USD.AI published its first Proof of Loans report, providing independent third-party reporting on key attributes of its GPU loan portfolio.

The report was prepared by The Network Firm LLP, a licensed independent CPA firm specializing in digital assets, through an agreed-upon procedures attestation engagement covering loans designated as active by USD.AI Foundation as of July 15, 2026.

The objective is to give capital providers independent loan-level visibility into USD.AI’s financings, including principal, rates, terms, collateral, LTVs, deployment locations, and related valuation agreements. The attestation covers both USD.AI’s current Standard loan structure and earlier Non-Standard financings.

Independently Attested by the Network Firm

The Network Firm LLP (TNF) is the largest crypto-focused CPA firm in the United States, providing audit, advisory, and Proof of Reserves attestation services for stablecoin issuers, real-world asset (RWA) issuers, exchanges, and other digital asset businesses.

The firm is a member of the American Institute of Certified Public Accountants (AICPA) and received a “pass” rating in its latest external peer review. Its publicly named clients include Kraken, CoinShares, and Ledn, and its work spans digital asset lenders, exchanges and custodians, stablecoin issuers, token projects, and crypto exchange-traded products. TNF was recognized by Accounting Today as a Best Firm for Technology in 2025.

How the Network Firm Tested the Loan Book

For each in-scope loan, The Network Firm inspected underlying executed financing and collateral documentation and tested key loan attributes against those source records.

For Standard loans, TNF inspected materials including Loan and Security Agreements, borrower Special Purpose Vehicle (“SPV”) formation documents, purchase orders, warehouse receipts, hardware-monitoring records, and schedules of loan disbursements.

The firm then independently:

• Viewed loan disbursement transactions using a third-party block explorer
• Compared disbursement dates against the executed loan documents, noting each occurred on or after the relevant documents were executed
• Compared on-chain disbursement amounts with the principal stated in the underlying financing documents
• Documented principal, interest rates, maturity dates, collateral values, GPU types, server quantities, and facility locations
• Recalculated original loan-to-value ratios using the underlying loan and collateral values
• Confirmed the establishment of borrower SPVs for Standard loans
• Inspected executed Valuation Services Agreements, including counterparties and signatures, covered GPU assets and quantities, and initial and current maximum payout amounts as of the snapshot date

The findings are reported loan by loan to provide transparency across the entire portfolio. Because this is an agreed-upon procedures attestation, TNF reports factual findings from defined procedures rather than issuing an audit opinion.

What the Report Covers

As of July 15, the report covers financing secured by NVIDIA H200, B200, B300, and RTX PRO 6000 systems deployed across facilities in the United States, Canada, and Sweden.

The appendices provide loan-level information including principal, interest rate, original collateral value, LTV, maturity, GPU collateral, and deployment location.

For capital providers, this adds an independent layer of loan-level reporting on the assets and financing activity in USD.AI’s credit portfolio.

For detailed procedures and loan-level findings, read the Proof of Loans documentation and the full report.

Disclaimer

This communication is not directed at residents of the United States, United Kingdom, or other jurisdictions where the distribution of such content may be restricted. USD.AI is a non-custodial decentralized protocol providing structured lending infrastructure. USD.AI does not custody assets, execute trades, or act as a broker, dealer, or investment adviser. Nothing herein constitutes investment advice, a recommendation, or an offer or solicitation to purchase any digital asset. All interactions are executed directly between users and onchain smart contracts, subject to applicable protocol terms. Participation involves risk, including potential loss of funds. Do your own research.