USD.AI May 2026 Recap
Top 10 stablecoin by TVL, $1.19M in 30-day fees, 3.71% of CHIP supply bought back, and sUSDai PTs above 9% fixed yield on Pendle.
June 3, 2026
May showed continued momentum across USD.AI's protocol, product, DeFi, and ecosystem work.
By the Numbers
USD.AI entered the top 10 yielding stablecoins by TVL, and ranked top 5 when T-bill stablecoins were excluded.
USD.AI ranked #2 on Arbitrum by 30-day revenue, with $1.19M in fees over 30 days and $3.6M in 365-day revenue.
These milestones reflect demand on both sides of the market: onchain capital seeking uncorrelated RWA yield, and AI infrastructure borrowers seeking upfront capital for compute. USD.AI connects them by turning GPU-backed loans into a liquid debt market onchain.
$CHIP Buyback
Permian Labs, the developer of USD.AI, bought back 338,806,273 $CHIP from investor allocations in May.
Combined with the previous airdrop buyback of 31,731,287 $CHIP, cumulative buybacks reached 3.71% of total supply.
The buyback reduced investor allocations and supported long-term alignment across the USD.AI ecosystem.
Yield Highlight: sUSDai PTs on Pendle
sUSDai PTs continued to trade above 9% fixed yield on Pendle throughout May.
As of June 2, 2026, June and October maturities sit at 9.7% and 9.51%, giving users fixed-rate exposure to sUSDai yield.
Product Updates
USD.AI shipped a major app update in May. The rebuilt dashboard gives users a clearer view of protocol activity in one place, including yield, price history, and the loans backing sUSDai.
USD.AI at Consensus Miami
USD.AI had a strong presence at Consensus Miami 2026.
Conor Moore, Co-Founder and COO of Permian Labs, joined CoinDesk Live to discuss USD.AI and the role of GPU-backed credit in onchain markets.
He also spoke on the "Yield Bearing Stablecoins and RWA Collateral" panel, covering how crypto yield has evolved from incentive-driven programs toward yield tied to real activity across onchain lending, trading, treasuries, and credit.
Conor also joined the Digital Asset Yield Summit, a forum for capital allocators focused on the latest developments in digital asset yield.
Lighthouse Report: Coming Soon
USD.AI shared an early look at Lighthouse, a new periodic report series covering protocol growth, borrower demand, DeFi traction, and the yield behind sUSDai.
One highlight from the report: sUSDai has delivered the strongest and most consistent yield among tracked stablecoin benchmarks throughout 2026, with a ~370 bps premium over 3-month T-Bills and a ~285 bps premium over sDAI year-to-date.
Underwriting and Risk Framework
USD.AI published a breakdown of the underwriting and risk controls behind its GPU-backed loans. The piece covers how GPU collateral is evaluated, verified, and protected before capital is deployed — including senior secured loan structures, collateral monitoring, insurance, debt service reserves, and ongoing risk management.
Media and Appearances
- The DCo Podcast | May 27, 2026
- Shoal Signal | May 27, 2026
- CoinDesk Live at Consensus Miami | May 7, 2026
- Fraction AI | May 6, 2026
- Digital Asset Yield Summit | May 4, 2026