According to Foresight News, USD.AI, a stablecoin protocol providing credit to artificial intelligence companies, has successfully raised $13 million in a Series A funding round. The round was led by Framework Ventures, with participation from Bullish, Dragonfly, and Arbitrum.
Developed by Permian Labs, USD.AI utilizes graphics processing unit (GPU) hardware as collateral to offer loans to AI firms. The on-chain system includes USDai, a token pegged to the U.S. dollar, and sUSDai, a yield-bearing token backed by revenue-generating computational assets.
During its private testing phase, USD.AI attracted $50 million in deposits. The company plans to publicly launch an initial coin offering (ICO) and a game-based allocation model.