Conor Moore @_ConorMoore

Welcome to the Fully Vested Podcast by @DefiLlama. Telling the story behind onchain data. Our first episode focuses on Private Credit in DeFi and how it's attracting users that have never used crypto before. We sat down with the founders of two protocols that have each attracted hundreds of millions in deposits. Joined today by: @_ConorMoore, Co-Founder of @usdai_official @Benjamin918_, Founder of @CapApp Fully Vested co-hosts @patfscott and @defidave 0;00 Intro 3:12 Why does DeFi make sense for Private Credit? 7:05 Size of the opportunity. How do these platforms fix a problem with Private Credit? 12:30 How these platforms pitch themselves to users that aren't crypto native 16:40 What led these founders to build what they're building? 20:03 Traction of each platform and inflection points in growth 27:25 Where to learn more

why private credit is moving onchain, and what that means for defi and @USDai_Official. Great chat with @patfscott, @defidave, and @Benjamin918_ on the new Fully Vested Podcast.

Fully Vested Podcast by DefiLlama @FullyVested_Pod

a day ago

First episode of the Fully Vested Podcast by @DefiLlama drops today. Hosted by @patfscott and @defidave. The first episode focuses on Private Credit in DeFi, with guests @_ConorMoore from @USDai_Official and @Benjamin918_ from @CapApp. Posting here on 𝕏 first.

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First episode of the Fully Vested Podcast by @DefiLlama drops today. Hosted by @patfscott and @defidave. The first episode focuses on Private Credit in DeFi, with guests @_ConorMoore from @USDai_Official and @Benjamin918_ from @CapApp. Posting here on 𝕏 first.

that was fast x.com/wallstengine/s…

Conor Moore @_ConorMoore

a month ago

There’s a big opportunity to create a REIT for GPUs, lever it with 70-80% asset level debt (from @USDai_Official ofc) and passively buy clusters and let savvy asset light operators run them in exchange for performance fees / upside. REIT also takes equity warrants in the

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@_ConorMoore, after admitting that @USDai_Official tried NFT lending, gold bars, watches, and land before landing on GPU financing: "The only way that you can convince a borrower to access capital from crypto rails is if you are unlocking some asset type that can't get access to capital otherwise." Next Event: Singapore, October 6

@pequityresearch $SUSDAI - gpu debt

There’s a big opportunity to create a REIT for GPUs, lever it with 70-80% asset level debt (from @USDai_Official ofc) and passively buy clusters and let savvy asset light operators run them in exchange for performance fees / upside. REIT also takes equity warrants in the operator. Big gap in the market for the last 20-30% equity tranche of gpu clusters (“last mile” funding). Name of the game here is to get one anchor capital source to write a 200-500m check (lever up to 2.5bn in assets) and move fast af to get to pub markets w/ atm shelf that you tap whenever trading at a premium to nav (which will likely be the case for awhile if you move fast bc this kind of exposure doesn’t exist elsewhere). My guess is Blackstone will do it in ~24 months so that’s your window of opportunity

Another install close to wrapped up, ahead of schedule

@OseroHQ @SkyEcosystem @Plasma congrats!

USDAI is tokenizing the AI capex supercycle. $USDAI is a GPU-backed debt product that lives onchain as a financing vehicle for the infrastructure buildout powering AI right now. Here's how the two-token structure works: - $USDAI: the stablecoin layer. Handles loan settlement, interest payments, day-to-day transactions. - $sUSDAI: the yield token. Capital that flows directly into funding AI infrastructure. The collateral backing it is the GPUs themselves. It's a new onchain asset class that didn't exist six months ago: Tokenized compute debt that is tradable and composable inside DeFi. FT @_ConorMoore @CoinDesk @USDai_Official

Milk Road @milkroaddaily

2 months ago

USDAI is a helluva concept for a stablecoin! It's basically designed to generate yield by making loans to scale data centers. Here's a simplified breakdown of how it all works (save this): Think of it like a bank that only gives loans to GPU farms... 1/ You deposit $USDC or

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Servers shipped, installation underway. Much quicker turn on this cluster than I expected!

Big improvement to USDAI: (1) removes implicit trust assumptions for OEMs / borrowers that USDAI will actually fund a loan (2) does not compromise strict underwriting requirements to never fund until servers are installed (3) creates a pocket of additional yield to sUSDai in the process

USD.AI @USDai_Official

2 months ago

x.com/i/article/2049…

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@ipopflop @0xZergs @USDai_Official No, I’m under NDA, but I’m going to have a 3rd party audit firm review all of our insurance and loan docs to provide an attestation report we can share publicly. Already under way.

@ipopflop @0xZergs @USDai_Official It’s a back to backed policy, munichre reinsures the whole thing, barkr has to put up some first loss capital which is passed back to us as a fee paid upon claim (ie 85% insured but 5% fee so net 80%).

Caladan is co-hosting The Capital Summit: On-Chain Capital Market Edition in @consensus2026 Miami on May 5 w/ @CapSummitGlobal Featuring speakers from @CoinbaseInsto, @MoodysRatings, @maplefinance, @WisdomTreeNews, @crossover_mkts, and @USDai_Official with more speakers soon. RSVP ↓

huzzah! ok back to work.

USD.AI @USDai_Official

2 months ago

$CHIP is now live. Intelligence. Progress. Abundance. Financed with $CHIP.

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We are thrilled to welcome @_ConorMoore, Co-Founder and COO at @USDai_Official, as a speaker to the Digital Asset Yield Summit stage. Before building at the frontier of onchain credit, Conor spent his career in the deepest parts of traditional structured finance, deploying $5 billion in real estate and infrastructure investments at Rockpoint Group and structuring complex transactions at Wells Fargo Securities and Eastdil Secured. He brought that TradFi credit expertise onchain to found @USDai_Official, a yield-bearing synthetic dollar backed by loans against AI hardware assets, with over $1.2 billion in approved facilities and a Series A backed by Framework Ventures and Dragonfly. It's one of the most compelling cases for what real-world asset yield looks like when built natively onchain from day one. Digital Asset Yield Summit is the ultimate forum for capital allocators to discover the latest advancements in digital asset yield. Every attendee is reviewed. Every session is relevant. Every introduction is intentional. Catch Conor at the stage, May 4

The expected APY of sUSDai is 12.17%. @USDai_Official is finally going from being a wrapped TBILL to becoming an AI-aligned, GPU-backed lending stablecoin protocol. And they already have >$600M in dealflow. Let me explain where that 12% expected comes from: Currently, USDai is 87% backed by PYUSD and 13% backed by GPU loans. The 87% gets the risk-free-rate (tbill yield) and the 13% gets between 10% and 15% depending on the loan. USDai has a max utilization of ~80% which means 80% of the PYUSD can be deployed into loans. At max utilization/deployment (20% PYUSD / 80% GPU Loans) the yield would be ~12%. But these loans can't happen in the snap of a finger. The loans can't be originated until chips are installed and they're third-party verified. However, there's already 64M escrowed which is about 18% of the TVL awaiting finalization. That alone should push the APY up a few percentages. Anywho, I have no affiliation with USDai, but I think this development is incredible and they definitely have PMF at the moment. Love to see it.

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i feel very fortunate that the only competitor to @USDai_Official has been entrenched through regulatory capture and not competed in the free market since 2008. the french are sending their best cavalry to fight the german machine gunners

Kam 🌑 @KamBenbrik

2 months ago

JPMorgan’s 2026 shareholder letter - 1st part about threats to the business: ‘A whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization’ The largest bank in the US now sees crypto-native

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in december 2025 b300s were selling for ~475k per server (all in). opus 4.6 came out feb 5th, skyrocketing demand for tokens. anthropic ARR 3x'ed, as did the ARR of the inference providers. now in april 2026, just 4 months later, we're seeing b300 servers sell for 625k+ per server, up 30%. the timing lag btwn token demand and hardware costs presents major opportunity for operators with capital to move quickly on purchase orders. gpu rental is a commodity business - 30% is the difference between success and failure. @USDai_Official is the only capital source solely dedicated to gpu financing in the world. if youre in the gpu business, hit my line.