USD.AI's own sUSDai page shows ~$397.7M deposits, 75k users and an 8.1% current APR, so iPower's $1M check barely moves protocol TVL. For IPW, the sizing is louder: the last 10-Q showed $713,685 cash at March 31 and the AI pivot leans on a $30M convertible note facility, making GPU-backed credit part of its capital-markets story. Underwriting does the heavy lifting here: first-loss curators, 70% starting LTVs amortizing toward ~40% in a year, and 30-day redemptions have to survive a bad GPU rental cycle.

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