$385M of USD.AI TVL plus Fluid’s $100M LaaS facility gives sUSDai the part most RWA yield products never solve: exit liquidity before the assets mature. APAC GPU financing adds scale, but it also widens the duration mismatch between stablecoin holders and H100/H200/B200 hardware loans with 30-day redemptions, off-taker risk, and resale values tied to the Nvidia cycle. If BSQ underwrites real compute demand instead of capex cosplay, this becomes a DeFi-native private-credit desk for GPUs.

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