Foresight News reports that according to USD.AI officials, the AutoVaults of USD.AI will go live on Arbitrum on August 18.
Foresight News previously reported that the stablecoin protocol USD.AI, which provides credit for AI, has completed a $13 million Series A funding round, led by Framework Ventures with participation from Bullish, Dragonfly, Arbitrum, and others. USD.AI, developed by Permian Labs, issues loans to AI companies using graphics processing unit (GPU) hardware as collateral. The on-chain system includes a dollar-pegged token USDai and an income-generating token sUSDai backed by computable assets. USD.AI has already secured $50 million in deposits during its private testing phase and plans to publicly launch its ICO and a game-based distribution model.
