what's usdai?
USDai is a decentralized stablecoin protocol designed as an AI-powered synthetic dollar that maintains a 1:1 peg to the US dollar through algorithmic mechanisms and collateralized lending. It operates primarily on the Arbitrum ecosystem, with integrations into DeFi platforms like Pendle for yield trading, Euler for borrowing, and Plasma for advanced vaults. The project enables financing of AI infrastructure by tokenizing GPUs as collateral, allowing up to 70% LTV loans for compute resources. Backed by investors including Framework Ventures, it has raised $13.4M in Series A funding and features an airdrop program called The Allo Game to incentivize participation. USDai has scaled to over $500M in deposit caps and $110M TVL, emphasizing transparency and community-driven growth in onchain AI finance.
USDai projects recorded $103M TVL, $36.7M 7-day volume, and sUSDai paid $282K yield.
contract
arbitrum-one
sUSDai achieves $89.7M in DeFi TVL as of April 11, 2026.
USDai achieves $13.3M in DeFi TVL as of April 11, 2026.
sUSDai records $35M in 7-day trading volume for the week ending April 11, 2026.
USDai records $1.7M in 7-day trading volume for the week ending April 11, 2026.
sUSDai paid out $282K in yield during the week ending April 10, 2026.
Received a B+ rating from PharosWatch, placing it on par with centralized stablecoins in their metrics assessment.
Featured in a video covering a claim event and how to farm the protocol.
Featured in MilkRoadDaily podcast on AI lending and Sky Ecosystem's $1B DeFi deployment into RWAs (mortgages, AI infrastructure, energy projects).
Integrated with Obex Incubator. Deploys $1B into tokenized real-world assets including AI infrastructure, mortgages, solar panels, and energy via partners Maple, Centrifuge, Securitize starting March 25, 2026.
Integrated with Skate Chain to provide Solana users one-click access to fixed yield opportunities via PT token purchases on Pendle.
Integrated with MoonPay Agents for wallet creation and automated transactions to support AI infrastructure applications.
Reached $339M in TVL.
Extended whitelist sale deadline to March 3, 2026 with over $8.6M committed and full refunds available through March 20, 2026.
Launched Season 2 16× Allo (Points) incentive program for the USDAI-USDC pool on Maverick on Arbitrum, prioritizing looping strategies with only in-range liquidity eligible and promising an airdrop. Calculations update every 10,000 blocks.
Engineered reinsurance around the sUSDai instrument with Munich Re as a tradfi partner
Partnered with PYUSD, becoming the fourth-largest stablecoin on Arbitrum. Deployed on Arbitrum Stack as an InfraFi protocol and first application-specific stablecoin on PYUSDx for AI infrastructure.
Powers Sharon AI, which debuted on Nasdaq with a $1 billion valuation.
Featured in a live interview or discussion on February 16, 2026, covering AI and GPU markets.
Features onchain origination integration with InfraFi.
Holds $150 million in PYUSD.
Announces $CHIP token.
Opened $CHIP allocations and claims on April 2, 2026, with a May 30, 2026 deadline for ICO participants and 4,571 sUSDai holders of 300M CHIP tokens; TGE scheduled week of April 6-12, 2026.
Nominated in the "Best In Stablecoins" category for The Rollup awards ceremony scheduled for December 30th, 2025.
Partnered with PayPal for integration or collaboration related to AI infrastructure finance.
Launched vaults on Arbitrum, Base, Plasma with USDai/USDC and USDai-USDC/USDC pairs; supported as collateral in Fluid's Lite USD Vault across Ethereum, Arbitrum, Plasma.
PT sUSDai on Pendle now offers 15.08% fixed APY, up from the previously reported 14%, with a 15-day unstaking period to convert back to USDai.
Principal Token for USDai on Pendle delivers 14% yield with $18M liquidity and 99% T-bills backing.
Reached $670M TVL on Arbitrum within the AI infrastructure narrative, listed as a data-intensive protocol that could benefit from decentralized storage solutions.
Morpho protocol on Unichain now accepts USDai PTs as collateral for borrowing.
Pendle Principal Tokens for USDai launch on Unichain with trading and collateral functionality, accessible through Pendle's cross-chain PT page.
Liquidity has been topped up for PT-USDai and PT-sUSDai pools in response to user demand.
Earned over 30% fee APR in stablecoins on USDAI-USDC loops on Arbitrum.
Yields 8.76% 7-day average, currently 8%.
USDai is available for yield farming on Arbitrum and Plasma through Pendle Finance and Euler Finance integrations, with LayerZero Core enabling free cross-chain transfers via Stargate Finance.
dcf cap provided seed funding for the project. (ID: 1997719721316143166)
USDai manages $595,223 in borrowed assets and generated $391,659 in Q4 2025 revenue on Arbitrum.
Messari features USDai as a case study in its State of AI report.
USDAI netflows on Arbitrum increased 13% over the past month, making it one of two RWA protocols contributing to the network's ecosystem inflows.
The protocol cap has been increased to $875m for the AI revenue backed synthetic dollar. (ID: 1996132137561367037)
Raised $36.8M in funding, including $19.4M from a CoinList CHIP token sale closed March 4, 2026, at $0.03 ($190M FDV) for 7% supply, 100% unlocked at TGE March 2026.
PT-sUSDai offers 16.82% yield expiring Feb 19, with looping available on Euler and Morpho, and supply locked until 2026-02-19.
Financed over $318 million in AI data center infrastructure with asset-backed, over-collateralized loans backed by GPU hardware, seizable upon default. Partnered with Crucible Compute, CrucibleCap as largest borrower, and insured by Alliant and Munich Re.
sUSDai currently maintains 99% backing in TBILLs with 660M TVL, and plans to allocate 6% to lending compute in the near future.
$sUSDai ranks #3 in TVL growth according to yield bearing stablecoin metrics.
USDai launches a gated ICO that excludes UK, EU, and multiple African countries while requiring on-chain activity for user participation.
The USDAI-USDC Stable Vault delivers nearly 1% return in 2 weeks.
Vault cap increases by $250M to a total of $830M.
Strong growth brings USD_AI_ to second largest protocol by TVL on Arbitrum, flipping Pendle.
Increased minting cap, enabling minting with USDC via PYUSD, and bridging to PTs on Pendle across Arbitrum, Plasma, and Base chains, with PT USDai offering 11.48% fixed APY.
Coinbase Ventures discloses investment in the project, with funding amount not specified.
Launched sUSDai and USDai on Arbitrum through Equilibria with Pendle boost, offering 18% boosted APY, up to 12x USDai Points, and 15x alo points on sUSDai collaterals. Activated LO incentives on Arbitrum Pendle markets for YT orders and adjusted rewards to compensate USDai liquidity providers with additional points.
Shifted primary DEX liquidity from Fluid to Mav Protocol, with availability across Base chain platforms Aerodrome, ExtraFi, Fluid, and Spectra Finance.
Smart money accumulates $149k in the past 24 hours, ranking first among tracked tokens for capital inflows.
Deployed institutional implementations using the app-to-chain model on Arbitrum, with Robinhood and Ethereal DEX, as a custom-built chain supporting a programmable economy.
Expired PT-USDai-20Nov (95M), discontinued autoUSDai/autosUSDai (50-60M), and opened 250M mint cap; total supply now 218.6M sUSDai (54.9%) and 179.2M USDai (45.1%). Trades at $1.0011; redemption requires no KYC and 0.015% fee, restricting mint/redeem to KYC'd institutions from 2026-04-06 while maintaining open secondary trading and staking.
Discontinued autoUSDai and autosUSDai today, unlocking 50-60M; opened USDai mint caps at 250M. Pendle's PT-USDai-20Nov expires today (95M); USDai represents 8% of Pendle's TVL as of April 2, 2026.
Caps increase by $250M on November 19th.
Receives investment from Coinbase Ventures for development of decentralized liquidity solutions for GPU infrastructure financing in the AI sector.
Funding cap raised to $750M or $1B, USDAI deploys on Base chain with liquidity seeded on Aerodrome and Spectra Finance, and potential ICO on Coinbase.
Binance Labs (through Yzi labs) and Coinbase Ventures invested in the project. A new Pendle pool launches with different points rates than the first pool's 25/12x rate, with details on points adjustment coming in the next few days.
Launched USDai and sUSDai pools on Arbitrum on February 19, 2026. Listed new Pendle maturities for USDai (June 18, 2026, October 15, 2026) and sUSDai (June 14, 2026, October 15, 2026), with PT-sUSDai trading on Pendle (Arbitrum) at 8.1% yield for 2026-10-15 maturity.
TVL stands at $181.83M compared to $584M on November 7th, representing a $402M capital outflow (69% decrease), while APY declines to 11.69% from the previous 13.86%.
The Midas mHYPER pool on Ethereum achieves 25% boosted Pendle APY through Equilibria, backed by Hyperithm and MidasRWA, with rewards across 6 protocol points including Ethena, Cap Labs, Almanak, USDai, Lighter, and Theo.
Ranks 1st place in Arbitrum DRiP program with a market size of $428.11m including sUSDai.
USDai markets on Arbitrum expire in 9 days, unlocking over $300m in stablecoins.
Functions as financing partner for GPU cluster deployments, offering lending without sale leaseback and utilizing onchain mechanisms for securing liens. Provided $500M loan to Sharon as part of a $700M total facility; 700M CHIP tokens (100% allocated supply) unlock March 2026, granting holders governance rights.
Supply grows to $584M with 99.9% allocated to t-bills and only 0.1% in hardware loans (NVIDIA H200s), while offering 13.86% expected APY. Deposit caps reached on Arbitrum and Plasma networks preventing new deposits.
Provides loans against GPUs as an unregistered hedge fund and credit fund, with risk of losing peg stability during market stress.
A warning predicts the protocol will blow up in a spectacular manner as the next yield-bearing stablecoin failure, though current t-bill backing provides temporary safety.
USDai onboarded to Term protocol for DeFi lending operations.
Protocol achieves $500m in lender deposits within one month of launch and faces overwhelming appetite for its ICO.
USDai-USDC stable vault on Arbitrum offers over 100%+ fee APR yield opportunity.
Borrow interest reaches 30% on Morpho, while an upwards depeg creates collateral risk pressure.
The protocol operates as an M0 wrapper with approximately zero exposure to GPU renting operations, with unstaked Cap USD reserves sitting on-chain and redeemable at any time.
The Auto Strategy sunsets on November 24, 2025.
Listed as top performing assets in Arbitrum lending markets through the DRIP program distributed by Merkl and funded by Arbitrum DAO.
Data case shares rank as the 15th biggest holder, with purchases for data/big data cases to be discontinued 2 weeks before YTs mature to prevent last minute dilution.
StableWatch publishes a comprehensive report on how the protocol powers the future of AI Compute.
Reaches $580m TVL in less than 3 months, now second-largest protocol on Arbitrum with TVL still capped and 99.8% of reserves in US-tbills.
Pendle markets go live on Plasma offering up to 12X leverage on USDai and sUSDai Principal Tokens with 32.5K XPL in rewards for lenders.
Token Generation Event anticipated in Q4 but remains unconfirmed, according to a list of expected major crypto launches.
Team added single-sided Curve liquidity causing peg to crash from 1.03 to 1.003, now trading at 1.0155. Capital raise expected in near term based on team's public comments.
Arbitrum grant distribution for the Auto vault strategy is imminent.
Euler Finance earn vault offers 12% APR and 1.5x USDai points multiplier.
USD (Midas mHYPER) boosted pool launches on Plasma offering 26% boosted APY through Equilibria, combining Hyperithm and MidasRWA partnerships with reward points distributed across six protocols including USDai.
19.4% fixed APY rate available for PT-USDai on Plasma chain.
Protocol raised $17.40M in funding and reached $580M+ TVL across Arbitrum L2 and Plasma chains.
On Plasma, USDai delivers over 18% boosted APY powered by 250% vePENDLE boost and 25x Allo Points via Equilibria LP deposits.
case.fun becomes 4th largest holder of YTs on Arbitrum with 8.5M tokens earning 212M points daily. Supply on Plasma reaches approximately $186M, representing 3% of the network's $6.2B total stablecoin supply.
Trader identifies presence on Pendle platform with yield distortion caused by YT (Yield Tokens), categorizing it as a risk factor that can catch yield farmers off guard.
Protocol offers 13.03% APR on synthetic dollar backed by AI hardware collateral and M0 US T-Bills.
Two token variants exist: USDAI provides points toward ICO allocation and requires KYC, while sUSDAI offers airdrop points without KYC requirement. Stablecoin currently trades at $1.02 premium on Arbitrum due to capped supply.
Achieves top position among new stablecoins with $596.35M in growth since Q2 end (Jul 1 - Oct 16, 2025).
Current metrics show $580M in vaults and 44,000 people farming points.
Current TVL stands at just over $200M with traders actively chasing entry positions.
Completes integration with Chainlink standard, enabling access to Chainlink's oracle infrastructure.
Integration on Plasma platform ($9B TVL) enables farming strategies with Pendle to earn $XPL allocation including delta neutral strategies via Ethena. Partner Infinit Labs' $IN token lists on Upbit, South Korea's largest exchange.
Boosted USDai and sUSDai pools go live on Penpie, offering up to 25x points, boosted PENDLE and WXLP rewards, with APY reaching up to 55%.
Successfully structured a $500M deal for collateralized AI investments.
Partnership with Infinit Labs' agentic platform has processed over 120k transactions in beta, with USDai yield strategy on Arbitrum reaching filled capacity.