# USD.AI USDai / sUSDai

<https://galactic.inc/analytics/compute-markets/usd-ai/>

Data block: 516,787,820 (2026-10-21 02:49 UTC)

[USD.AI](https://usd.ai/) · [Compute markets](https://galactic.inc/analytics/compute-markets/)
- NAV per vault share: [1.1200 USDai](https://arbiscan.io/address/0x0B2b2B2076d95dda7817e785989fE353fe955ef9#readContract)
- Tokens outstanding: [$575.1M](https://docs.usd.ai/technical-overview/contract-addresses)
- 90-day APY: [8.20%](https://defillama.com/yields/pool/712ce948-bd9e-4f4a-8916-b72c447f7578)
- Active loans: [16](https://app.usd.ai/loans)
- Loans outstanding: [$182.0M](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract)
- Governing law: [Cayman Islands](https://docs.usd.ai/terms-of-service/usd.ai-terms-of-service)

USDai is minted 1:1 against PYUSD; sUSDai is the vault token that finances GPU and AI-infrastructure loans. USD.AI has $575.1M tokens outstanding, and one sUSDai is worth 1.1200 USDai.

## Tokens outstanding

- **sUSDai vault assets:** [$555.2M](https://arbiscan.io/address/0x0B2b2B2076d95dda7817e785989fE353fe955ef9#readContract) [Vault contract](https://arbiscan.io/address/0x0B2b2B2076d95dda7817e785989fE353fe955ef9#readContract)
- **USDai outside the vault:** [$19.9M](https://docs.usd.ai/technical-overview/contract-addresses) [Issuer contract list](https://docs.usd.ai/technical-overview/contract-addresses)
- **Tokens outstanding:** [$575.1M](https://docs.usd.ai/technical-overview/contract-addresses) [Issuer contract list](https://docs.usd.ai/technical-overview/contract-addresses)

## Loan book

- Named borrower: [8 of 16 loans · $148.1M (81.4%)](https://app.usd.ai/loans)
- Unnamed borrower: [8 of 16 loans · $33.9M (18.6%)](https://app.usd.ai/loans)

| Borrower | Source | Outstanding |
|---|---|---|
| [Hydra Host](https://usd.ai/blog/usdai-september-recap-capital-compute-distribution) | Issuer announcement | [$54.4M](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract) |
| [NexGen Cloud](https://usd.ai/blog/usdai-34m-nexgen-cloud-sweden-gpu-financing) | Issuer announcement | [$31.2M](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract) |
| [Crucible Capital](https://usd.ai/blog/crucible-capital-26m-gpu-backed-loan) | Issuer announcement | [$22.4M](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract) |
| [QumulusAI](https://usd.ai/blog/august-recap-100m-facility-susdai-ath) | Issuer announcement | [$14.9M](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract) |
| [QumulusAI](https://www.sec.gov/Archives/edgar/data/2084026/000143774926028924/quma20260630_10q.htm) | SEC filing | [$14.1M](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract) |
| [Corvex](https://www.sec.gov/Archives/edgar/data/1734750/000121390026090091/ea0301480-10q_corvex.htm) | SEC filing | [$7.3M](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract) |
| [QumulusAI](https://www.sec.gov/Archives/edgar/data/2084026/000143774926028924/quma20260630_10q.htm) | SEC filing | [$3.4M](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract) |
| [Compute Labs](https://metadata.usd.ai/v1/101-108/psa) | Issuer loan document | [$398,940](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f#readContract) |
| **Exited** |  |  |
| [Duos Edge AI](https://www.sec.gov/Archives/edgar/data/1396536/000107997326001318/duot_8k.htm) | SEC filing | [Sold to Axe Compute, Inc. on September 30, 2026](https://www.sec.gov/Archives/edgar/data/1396536/000107997326001318/duot_8k.htm) |

A borrower is named only when an SEC filing, a loan document linked from the collateral token, or an issuer announcement names it. Balances are read from the loan router contract. Collateral: [USD.AI Tokenized Hardware (0xb31F…0c5D)](https://arbiscan.io/address/0xb31F04f920F24EdA3Ad276D55c5afEFad6230c5D)

## Regulatory structure

As of 2026-10-17

- **Issuer:** [USD.AI Foundation](https://docs.usd.ai/terms-of-service/usd.ai-terms-of-service)
- **Issuer jurisdiction:** [Cayman Islands (foundation company)](https://docs.usd.ai/terms-of-service/usd.ai-terms-of-service)
- **Governing law:** [Cayman Islands](https://docs.usd.ai/terms-of-service/usd.ai-terms-of-service)
- **Developer:** [Permian Labs](https://docs.usd.ai/depositor/usdai)
- **Who can invest:** [Primary mint and redemption: KYC-verified authorized market makers and institutional depositors onboarded by USD.AI Foundation. Holding, transferring and staking USDai: any wallet.](https://docs.usd.ai/depositor/usdai)
- **Restrictions:** [Not available to persons located in or nationals or residents of a sanctioned country, or listed on a U.S. (OFAC), Cayman Islands or other restricted-party list](https://docs.usd.ai/terms-of-service/usd.ai-terms-of-service)

## Contracts

| Address | Asset |  |
|---|---|---|
| [0x0A1a1A107E45b7Ced86833863f482BC5f4ed82EF](https://arbiscan.io/address/0x0A1a1A107E45b7Ced86833863f482BC5f4ed82EF) | Base token USDai | [Arbiscan](https://arbiscan.io/address/0x0A1a1A107E45b7Ced86833863f482BC5f4ed82EF) |
| [0x0B2b2B2076d95dda7817e785989fE353fe955ef9](https://arbiscan.io/address/0x0B2b2B2076d95dda7817e785989fE353fe955ef9) | Vault token sUSDai | [Arbiscan](https://arbiscan.io/address/0x0B2b2B2076d95dda7817e785989fE353fe955ef9) |
| [0x1C2ED170de32846316784c4fd58A5e3C7563E12f](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f) | Loan router | [Arbiscan](https://arbiscan.io/address/0x1C2ED170de32846316784c4fd58A5e3C7563E12f) |

[Issuer contract list](https://docs.usd.ai/technical-overview/contract-addresses)