There’s a big opportunity to create a REIT for GPUs, lever it with 70-80% asset level debt (from @USDai_Official ofc) and passively buy clusters and let savvy asset light operators run them in exchange for performance fees / upside. REIT also takes equity warrants in the operator. Big gap in the market for the last 20-30% equity tranche of gpu clusters (“last mile” funding). Name of the game here is to get one anchor capital source to write a 200-500m check (lever up to 2.5bn in assets) and move fast af to get to pub markets w/ atm shelf that you tap whenever trading at a premium to nav (which will likely be the case for awhile if you move fast bc this kind of exposure doesn’t exist elsewhere). My guess is Blackstone will do it in ~24 months so that’s your window of opportunity

USDAI is a helluva concept for a stablecoin! It's basically designed to generate yield by making loans to scale data centers. Here's a simplified breakdown of how it all works (save this): Think of it like a bank that only gives loans to GPU farms... 1/ You deposit $USDC or $USDT and get $USDAI back at a 1:1 ratio. 2/ If you want yield, you stake that $USDAI and receive $sUSDAI. 3/ Your money gets lent to AI companies who put up their GPUs as collateral. 4/ When those companies pay interest on their loans, that yield flows back to $sUSDAI holders. $USDAI is your stable dollar (no yield, instant redemption) while $sUSDAI is the yield-bearing version with a roughly 30-day redemption queue (because the underlying loans aren't instantly liquid). There's also $CHIP for governance if you want to vote on protocol parameters. $sUSDAI's yield is currently sitting around 7.15% APR with targets of 10-15%. These businesses are leasing compute power and paying interest on hardware loans. It's basically mortgage-backed securities for AI hardware, but onchain. And there've already been $345M in deposits, with 73k users, and $236M in active loans. If you believe AI compute demand is only going up, this is one way to get exposure without buying $NVDA stock or running your own data center.

$CHIP is now live. Intelligence. Progress. Abundance. Financed with $CHIP.

JPMorgan’s 2026 shareholder letter - 1st part about threats to the business: ‘A whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization’ The largest bank in the US now sees crypto-native infrastructure as a direct competitive threat

GPUs are in high demand

A new $9.8M loan was originated through USDAI. - Collateral: 10 H200s, 38 B200s - Term: 36 Months - Rate: 11.5% APR Today marks the first time a borrower has held their debt service reserve natively in USDai, fully onchain.