# USD. AI protocol growth and token valuation

> Live situation record from CLSTR: https://clstr.news/situations/usd-ai-protocol-growth-and-token-valuation
> Updated: 2026-10-12T01:00:21.000Z. Sources: 5. Developments: 2.

USD. AI, a decentralized finance protocol financing artificial intelligence infrastructure through GPU hardware collateral, reported significant growth in September. The company’s Total Value Locked (TVL) exceeded $659 million, and it launched GLX, a GPU lending exchange intended to connect institutional capital with computing asset-based loans. Notable lending activities included a $128.9 million loan for systems in British Columbia and a $54.4 million loan for B300 GPUs for Hydra Host.

By October, the market capitalization of the protocol’s CHIP token rose from $85.2 million to approximately $135.7 million. The token, which serves as a governance and utility tool for voting on protocol upgrades and interest rates, saw daily trading volumes reach $52.7 million. CEO David Choi has proposed a ‘commit-and-compound’ model for the ecosystem, suggesting an operating company could buy and hold CHIP to increase its share.

## Timeline

### 2026-10-12: USD. AI’s CHIP token market cap reaches $135.7 million

USD. AI’s CHIP token market cap reached $135.7 million in October, driven by increased trading volume and interest in its AI infrastructure financing model.

3 sources. https://clstr.news/cluster/usd-ais-chip-token-market-cap-reaches-1357-million

### 2026-10-06: USD. AI reports $659 million TVL and launches GLX GPU exchange

USD. AI surpassed $659 million in TVL in September, expanding GPU-collateralized lending and launching the GLX exchange to connect institutional capital with AI computing assets.

2 sources. https://clstr.news/cluster/usd-ai-reports-659-million-tvl-and-launches-glx-gpu-exchange

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Cite as: USD. AI protocol growth and token valuation. CLSTR, https://clstr.news/situations/usd-ai-protocol-growth-and-token-valuation