USD.AI's GPU-Backed USDai and sUSDai Go Live on Solana With Kamino and Jupiter Markets

USD.AI's synthetic dollar USDai and its yield-bearing version sUSDai went live on Solana on 24 September 2026. USD.AI announced the launch at 17:52 UTC, and within about an hour Kamino Finance KMNO$0.038+9.4% had opened an isolated sUSDai lending market curated by Allez Labs, while Jupiter JUP$0.304+6.8%'s Jupiter Earn added three sUSDai vaults on Jupiter Lend. The yield behind sUSDai comes from loans that finance GPU hardware for AI data centres, which Kamino billed as "compute-backed credit" arriving on Solana.

USD.AI posted the two Solana mint addresses in the same launch thread and listed the venues carrying day-one liquidity: Jupiter, the Allez Labs-managed market on Kamino, Exponent Finance, Orca ORCA$1.59+3.8%, Loopscale and Mezzanine. USD.AI said eligible positions earn ALLO points, with extra incentives across Solana markets for eight weeks after launch.

By 20:24 UTC on 24 September, Solana Compass tracked about 8.43 million sUSDai on Solana, worth roughly $9.39 million, spread across 36 holder wallets, with about $372,000 of DEX volume in the trailing 24 hours. Those figures cover Solana only; sUSDai also circulates on other chains.

How GPU-backed loans generate sUSDai's yield

sUSDai earns from a book of secured loans to companies that buy and run AI hardware. Kamino's launch thread puts the underlying loan book at more than $280 million across 16 loans to AI infrastructure operators. Each loan sits in a bankruptcy-remote special purpose vehicle (a separate legal entity that stays ring-fenced if the borrower fails) holding the GPU hardware, the offtake contract, the colocation agreement and the revenue accounts, with USD.AI holding a first-priority claim.

Kamino says lent capital stays in escrow with Wilmington Trust until the hardware is installed and independently verified. Loans amortize over three years, which Kamino says takes a 70% starting loan-to-value ratio down to roughly 40% within the first year. That schedule is how the structure handles the main weakness of GPU collateral: the hardware loses resale value as newer chips arrive, so the loan balance falls fastest while the chips are newest.

The newest loan shows the scale. On 23 September, USD.AI announced a $128.9 million facility for 32 NVIDIA GB200 NVL72 systems (2,304 GPUs) in British Columbia, Canada, backed by what it called an investment-grade offtaker, a customer contracted to buy the compute capacity. USD.AI's post gave the terms as 6.5% while the funds sit in escrow and 9% once funded, over a three-year term. A company press release describes it as the largest facility USD.AI has originated.

The token mechanics are simpler. According to USD.AI's documentation, USDai is minted against deposited stablecoins and backed by PYUSD. Staking USDai returns sUSDai, and the yield accrues through the exchange rate between the two, so each sUSDai is worth more USDai over time. That is why sUSDai was priced at about $1.11 on its Solana launch day in our token data, rather than $1. The docs name two income streams: interest paid by GPU operators and Treasury-bill returns on reserve capital.

Kamino USDai Market: 80% LTV and a 5 million sUSDai cap

The Kamino market lets users supply sUSDai as collateral and borrow USDC against it. Allez Labs, as risk curator, posted the opening parameters: a maximum loan-to-value of 80%, a liquidation threshold of 85%, a supply cap of 5,000,000 sUSDai and a USDC borrow cap of 5,000,000 USDC. Allez Labs said the parameters may change as the market matures.

Kamino said $75,000 in rewards will go to USDC suppliers and borrowers over the next two months, and that Kamino Multiply can loop sUSDai in one click. Looping means borrowing USDC against sUSDai, buying more sUSDai and repeating, which multiplies both the yield and the exposure to liquidation.

Allez Labs put the risk plainly in a follow-up post: sUSDai "carries credit and liquidity risk alongside smart-contract and liquidation risk," and the return is not guaranteed. The credit risk sits off-chain: if GPU operators fall behind on repayments, the income behind sUSDai falls with them.

Jupiter Earn sUSDai vaults and the 35% Multiply figure

Jupiter Earn named the three vaults as sUSDai-USDC, sUSDai-JupUSD and an sUSDai-USDC/USDC Smart Vault, where the collateral also earns trading fees. All three are live on Jupiter Lend, which hit $2.41 billion in total deposits on 22 September. Jupiter Earn also said it will seed $10 million of DEX liquidity for sUSDai on Jupiter Lend AMM through its Liquidity-as-a-Service program.

Jupiter Earn's launch post calls sUSDai "the $600M+ yield-bearing dollar," a figure that covers USD.AI across all chains rather than Solana alone. The same post says users can "currently multiply it up to 35% APY." That is Jupiter Earn's promotional figure for a leveraged loop running with launch incentives. It is not the base sUSDai yield, and it will move with borrow rates and the incentive budget.

Isolated real-world-asset lending markets and Solana's new yield dollars

sUSDai joins a run of isolated Kamino markets built around collateral from outside crypto, each with its own curator setting the limits. Re's reUSD market, backed by a reinsurance portfolio, crossed $20 million eight days after it opened in August, and on 23 September Kamino launched a tGBP market for tokenized sterling. An isolated market is designed to keep bad debt from one collateral type out of Kamino's main pools.

The launch also lands a day after Solomon Labs' USDv went live on Solana. Both are dollars that pay holders, but the income comes from very different places: USDv passes on reserve income, while sUSDai pays out interest on private loans secured by hardware in data centres.

sUSDai's main use is as collateral, and on Solana it had borrowing markets on both Kamino and Jupiter Lend on its first day. The opening caps are small next to a loan book of more than $280 million. How fast Allez Labs raises them, and whether borrowing demand holds after the eight-week incentive window, will show whether GPU credit finds a lasting home on Solana.