Introducing GLX: Connecting Institutional Capital to Compute USD.AI’s GPU Loan Exchange launches with a $98.1 million season-and-sell transaction for Duos Edge AI. In the last year USD.AI has processed more than $400M worth of GPU financing transactions, making it one of the most active lenders for GPU infrastructure. Demand for non-hyperscaler GPU financing is the most critical barrier the industry faces today, and it is growing faster than any single balance sheet can fund. Since launch, USD.AI has seen more than $25BN of inbound loan demand, inspiring efforts to unlock new, novel ways to connect operators to credit. Today, USD.AI is unveiling the GPU Loan Exchange (GLX) to connect compute with institutional capital, and announcing the inaugural GLX loan sale: a $98M GPU financing on behalf of Duos Technologies. The Duos facility, originated in June 2026, was USD.AI’s largest loan at the time of origination. By selling the loan to a new buyer, USD.AI frees up liquidity for sUSDai, creating flexibility for future originations and redemption servicing. The introduction of GLX creates a new avenue for liquidity for sUSDai holders, without compromising yields. Demand Beyond A Single Balance Sheet Over the course of 2026, USD.AI has originated hundreds of millions in GPU financings, with utilization now at an all-time high of 78%. High utilization translates to higher yields for sUSDai holders: more of the vault is working in GPU loans, and loan interest is what drives sUSDai's return. It also marks a limit. Since launch, USD.AI has received more than $25 billion of inbound loan demand. GLX marks an evolution of the USD.AI protocol, away from a “hold-to-maturity” design and towards a “season-and-sell” design, enabling sUSDai to benefit from frequent capital recycling that shortens redemption cycles to be measured in months rather than years. Going forward, USD.AI will process transactions through sUSDai initially, and then recycle loans into permanent capital sources through GLX, evolving from a balance sheet lending platform into an exchange. Ultimately, the goal is to solve the financing gap plaguing the $2 trillion Compute Middle Market: GPU deployments below the scale typically served by hyperscaler and large neocloud capital markets, but too specialized for conventional equipment lending. USD.AI’s active financing pipeline in this segment has surpassed $25 billion and continues to grow. How Season-and-Sell Works Season-and-sell is the first transaction format being introduced through GLX. The model takes advantage of two market biases and the uniqueness of USD.AI’s platform design. Institutional capital sources want to buy into existing, performing loans with certainty of duration. On-chain capital sources want to limit exposure to fixed durations and illiquidity. Season-and-sell utilizes sUSDai capital to fund into escrow (prior to shipping & installation), with total durations of less than one year. Once servers are shipped and installed, and the loan is performing, it is sold on to a wide variety of institutional capital sources that want duration and hold-to-maturity exposure, giving little credence to liquidity premiums. Originate: sUSDai provides capital for an approved GPU financing. Season: The hardware is shipped, installed, connected, verified, and brought online. Sell: The operating position transitions to an institutional buyer, limiting sUSDai exposure to long loan durations and illiquidity. Recycle: The original facility is repaid and the capital becomes available for new GPU financings. This process is the full lifecycle of capital at USD.AI, with each loan sale repaying loans originated through sUSDai, returning capital to the Earn vault to be used for future redeployment. Season-and-sell is the opening expression of a much broader GLX mandate. Compute requires more capital. GLX creates the market infrastructure to bring that capital in. Funds interested in GLX, season-and-sell opportunities, or GPU-backed credit can contact [email protected].