Stablecoin Protocol USD.AI Secures $13 Million in Series A Funding

According to Jinse Finance, stablecoin protocol USD.AI has completed a $13 million Series A funding round, led by Framework Ventures with participation from Bullish, Dragonfly, Arbitrum, and others. Developed by Permian Labs, USD.AI uses graphics processing unit (GPU) hardware as collateral to provide loans to artificial intelligence companies. The on-chain system includes a USD-pegged token called USDai and a yield-bearing token, sUSDai, which is backed by income-generating computational assets. During its private testing phase, USD.AI received $50 million in deposits and plans to publicly launch an ICO and a game-based distribution model.