# USD.AI USDai / sUSDai

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

Data block: 521,399,149 (2026-11-05 06:28 UTC)

[USD.AI](https://usd.ai/) · [Compute markets](https://galactic.inc/compute/)
- NAV per vault share: 1.1239 USDai
- Tokens outstanding: [$464.5M](https://docs.usd.ai/technical-overview/contract-addresses)
- 90-day APY: 8.17%
- Active loans: [16](https://app.usd.ai/loans)
- Loans outstanding: $176.7M
- 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 $464.5M tokens outstanding, and one sUSDai is worth 1.1239 USDai.

## Tokens outstanding

- **sUSDai vault assets:** $441.2M Vault contract
- **USDai outside the vault:** [$23.2M](https://docs.usd.ai/technical-overview/contract-addresses) [Issuer contract list](https://docs.usd.ai/technical-overview/contract-addresses)
- **Tokens outstanding:** [$464.5M](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 · $143.7M (81.3%)](https://app.usd.ai/loans)
- Unnamed borrower: [8 of 16 loans · $33.0M (18.7%)](https://app.usd.ai/loans)

| Borrower | Source | Outstanding |
|---|---|---|
| [Hydra Host](https://usd.ai/blog/usdai-september-recap-capital-compute-distribution) | Issuer announcement | $52.9M |
| [NexGen Cloud](https://usd.ai/blog/usdai-34m-nexgen-cloud-sweden-gpu-financing) | Issuer announcement | $30.3M |
| [Crucible Capital](https://usd.ai/blog/crucible-capital-26m-gpu-backed-loan) | Issuer announcement | $21.6M |
| [QumulusAI](https://usd.ai/blog/august-recap-100m-facility-susdai-ath) | Issuer announcement | $14.5M |
| [QumulusAI](https://www.sec.gov/Archives/edgar/data/2084026/000143774926028924/quma20260630_10q.htm) | SEC filing | $13.6M |
| [Corvex](https://www.sec.gov/Archives/edgar/data/1734750/000121390026090091/ea0301480-10q_corvex.htm) | SEC filing | $7.1M |
| [QumulusAI](https://www.sec.gov/Archives/edgar/data/2084026/000143774926028924/quma20260630_10q.htm) | SEC filing | $3.3M |
| [Compute Labs](https://metadata.usd.ai/v1/101-108/psa) | Issuer loan document | $398,940 |
| **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)

## Regulatory structure

As of 2026-11-01

- **Issuer:** [CHIP 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)
- **Lender:** [GPU Finance Ltd. (BVI)](https://docs.usd.ai/terms-of-service/usd.ai-terms-of-service)
- **Who can invest:** [Direct mint and redemption: permissionless at the smart contract, with AML controls on the app and in the contract. 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 | Base token USDai |  |
| 0x0B2b2B2076d95dda7817e785989fE353fe955ef9 | Vault token sUSDai |  |
| 0x1C2ED170de32846316784c4fd58A5e3C7563E12f | Loan router |  |

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