sUSDai Net Yield at 6.98%... CHIP Maintains Neutral Rating

USD.AI's yield-generating asset sUSDai has reported a net yield rate of 6.98%. Loan interest accounts for approximately three-quarters of total earnings, while the governance token CHIP received a neutral rating. Nick Carpinito, a Blockworks Research analyst, stated on May 16 that 'maintaining a constructive stance toward sUSDai while adjusting CHIP to neutral from reduced weighting.'

sUSDai is a yield-bearing token obtained by staking USDai through USD.AI. The protocol executes loans collateralized by GPUs and servers used in AI infrastructure, reflecting the generated interest into sUSDai. This GPU-backed loan structure was previously highlighted as an example of how physical asset vaults can incorporate collateral assets.

The current net yield for sUSDai stands at 6.98%. Carpinito noted that if custodial transitions continue to increase, the net yield could mechanically rise above 8%. The principal amount allocated to USD.AI totals $272.4 million (approximately KRW 370.6 billion), representing 46% of the protocol's total value locked of $586 million (approximately KRW 797 billion). An additional $312.1 million (approximately KRW 424.6 billion) in loan agreements has been secured.

CHIP's trading price is approximately $0.041 (KRW 56), with a fully diluted valuation of around $480 million (KRW 555 billion). Carpinito maintained a neutral rating for CHIP until changes to the fee distribution structure or the April 2027 unlock event are reflected in the market. CHIP serves as USD.AI's governance and utility token, with its evaluation primarily based on fee allocation mechanisms and lock-up schedules.