STRICT-Score
Max. Potenzial
1x
Potenzieller Ertrag
Wahrscheinlichkeit
95%
Erfolgschance
Risikoniveau
5/10
Mittleres Risiko
Marktkapitalisierung
$648.06M
Volumen
$2.17M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
USDai is a GPU-collateralized stablecoin built on M^0 (M Zero) protocol infrastructure, developed by Permian Labs. As of December 2025, USDai maintains a $501 million market cap with 501 million tokens in circulation, pegged at $0.999997. The protocol features a dual-token system: USDai (non-yield-bearing base stablecoin backed 1:1 by U.S. Treasuries) and sUSDai (yield-bearing counterpart earning 13-17% APR from GPU-backed loans). USD.AI raised $13 million Series A in August 2025 led by Framework Ventures, with additional backing from Dragonfly, Digital Currency Group, Coinbase Ventures, and Arbitrum. The protocol hit $500 million in deposits within months, filling two consecutive $250 million caps by September 2025.
Wettbewerbsposition
USDai occupies a unique niche at the intersection of stablecoins, RWA tokenization, and AI infrastructure financing. While USDC and USDT dominate traditional stablecoin markets, USDai differentiates through its AI/DePIN yield mechanism. Competitors like USDe (Ethena) focus on delta-neutral crypto strategies, whereas USDai taps real-world GPU hardware financing. The M^0 foundation provides institutional-grade infrastructure that has attracted major partners including MoonPay, Exodus, and MetaMask. However, the specialized GPU collateral focus limits addressable market compared to general-purpose stablecoins.
Fazit
USDai represents an innovative approach to stablecoin design, combining M^0 protocol reliability with AI infrastructure yield generation. The $500M+ market cap and backing from Framework Ventures validates market demand. For users prioritizing peg stability, base USDai offers T-Bill-backed security. For yield seekers, sUSDai provides exposure to the growing AI compute financing market. Primary risks center on GPU collateral liquidity and regulatory classification.
Stärken
- Achieved $501 million market cap within first year, filling two consecutive $250M deposit caps by September 2025
- Built on M^0 protocol infrastructure with 1:1 U.S. Treasury backing, ensuring reliable peg stability at $0.999997
- CALIBER framework tokenizes GPU collateral as UCC-governed warehouse receipts with up to 70% LTV ratios
- sUSDai delivers 13-17% APR from real GPU rental income and T-Bill yields, with no emission dilution
- Secured major partnerships including $500M non-recourse financing facility with QumulusAI and backing from Coinbase Ventures
Risiken
- GPU hardware collateral faces depreciation and illiquidity risks during AI infrastructure market corrections
- Novel CALIBER tokenization framework lacks long-term stress testing in adverse market conditions
- DePIN borrower default risk could impact sUSDai yields and create systemic pressure on base USDai
- Regulatory classification of GPU-backed synthetic dollars remains uncertain across jurisdictions
- Concentrated founding team (ex-Deutsche Bank) with limited decentralization of protocol governance
STRICT-Score
Bewertung: 72/100 | Potenzial: 1x
Verwandte im gleichen Sektor - Stablecoin
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.