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The stablecoin protocol USD.AI has completed a $13 million Series A financing, led by Framework Ventures.
On August 14, CoinDesk reported that the stablecoin protocol USD.AI, which provides credit for AI, completed a $13 million Series A funding round, led by Framework Ventures, with participation from Bullish, Dragonfly, Arbitrum, and others. USD.AI is developed by Permian Labs and uses graphics processing unit (GPU) hardware as collateral to issue loans to artificial intelligence companies. The on-chain system includes the dollar-pegged token USDai and the yield-bearing token sUSDai, which is backed by income-generating computing assets. USD.AI has already secured $50 million in deposits during its private testing period and plans to publicly launch an ICO and game-based distribution model.