Lighthouse: USD.AI 2026 YTD Report

USD.AI’s 2026 YTD report, Lighthouse, covers the first major phase of growth for the protocol: borrower demand, funded GPU-backed loans, sUSDai yield, DeFi distribution, and the launch of CHIP governance.

The headline is simple: USD.AI is scaling.

$30M annualized ARR in Q2

TVL reached $398M, with $202M deployed. USD.AI ARR increased from $1.1M in 2025 to $4.0M in Q1 2026, then reached $14.3M YTD. Q2 2026 annualized DAO ARR reached $30M. 08 USD.AI ARR (1).png That revenue growth is tied directly to the loan book. As more borrower demand turns into funded GPU-backed loans, protocol revenue grows through net interest margin and origination fees.

$13B borrower pipeline

The borrower pipeline has expanded meaningfully. USD.AI reviewed 394 new leads representing $13.0B in potential transaction volume. From that pipeline, the protocol signed 26 term sheets worth $817M and closed $205M in deployed loans. 12 Originations flow (1).png The report also breaks down how deals move through the funnel, from initial leads to qualified opportunities, signed term sheets, and funded facilities.

$98.1M largest loan

Average loan size reached $15.8M, with $283M in total collateral and 13 active loans. The largest loan in the book grew from $620K in July 2025 to $98.1M in June 2026.

The borrower behind USDAI’s latest $98.1M loan:@duosEdgeAI, a subsidiary of Nasdaq-listed @duostech.@get_hydrahost will manage GPU-as-a-Service distribution and operations.

Pricing the interest rate of intelligence, one loan at a time. pic.twitter.com/1pLp5SzBxT
— USD.AI (@USDai_Official) June 5, 2026

The shift shows how USD.AI facilities have moved from early proof-of-concept loans into larger GPU-backed credit deployments.

7.0% average sUSDai YTD yield, 12.4% projected

On the depositor side, sUSDai continued to show strong yield performance. sUSDai delivered a 7.0% average YTD yield, with approximately $10M in yield paid out so far in 2026. 25 Stable Distro (1).png The report also shows a 12.4% projected yield at full deployment, as more capital moves from idle reserves into originated GPU-backed loans.

The full report compares sUSDai against other stablecoin yield benchmarks and shows how its yield has held up as the product scaled.

$18B in USDai and sUSDai trading volume

Lighthouse also covers the evolution of USDai and sUSDai across DeFi. The report looks at retention, mint and redeem activity, peg behavior, Pendle and Fluid usage, Allo Points distribution, and how user behavior has shifted from early incentives toward more yield-driven activity.

CHIP governance and protocol structure

The report also includes an update on CHIP, governance, and the current USD.AI structure map, including how offchain loan agreements connect to onchain protocol economics.

Download the full Lighthouse report

The full report includes the complete YTD data, loan book breakdown, revenue charts, sUSDai yield benchmarks, DeFi usage analysis, and founder commentary. 01 Title Card.png Download the full Lighthouse | USD.AI 2026 YTD Report to see the full dataset and what comes next for USD.AI.

$30M annualized ARR in Q2

TVL reached $398M, with $202M deployed. USD.AI ARR increased from $1.1M in 2025 to $4.0M in Q1 2026, then reached $14.3M YTD. Q2 2026 annualized DAO ARR reached $30M. 08 USD.AI ARR (1).png

That revenue growth is tied directly to the loan book. As more borrower demand turns into funded GPU-backed loans, protocol revenue grows through net interest margin and origination fees.

$13B borrower pipeline

The report also breaks down how deals move through the funnel, from initial leads to qualified opportunities, signed term sheets, and funded facilities.

7.0% average sUSDai YTD yield, 12.4% projected

On the depositor side, sUSDai continued to show strong yield performance. sUSDai delivered a 7.0% average YTD yield, with approximately $10M in yield paid out so far in 2026. 25 Stable Distro (1).png

The report also shows a 12.4% projected yield at full deployment, as more capital moves from idle reserves into originated GPU-backed loans.

The full report compares sUSDai against other stablecoin yield benchmarks and shows how its yield has held up as the product scaled.