The proposal comes as AI-linked borrowing reaches $419 billion and GPU lender USD.AI reports $26.5 billion in financing requests from computing operators.

Multicoin Capital partner Shayon Sengupta wants AI companies to borrow stablecoins against GPUs and future computing revenue.

In an Oct. 8 research note, Sengupta proposed creating blockchain-based markets where ownership claims on computing hardware, future data center capacity, and customer payments could be traded or pledged as collateral.

The proposal comes as AI infrastructure borrowing accelerates, creating opportunities for decentralized finance (DeFi) protocols to provide capital to companies struggling to fund expensive computing equipment.

The rapid expansion of artificial intelligence has triggered unprecedented borrowing as technology companies race to build data centers and acquire the powerful chips needed to operate AI models.

According to The Kobeissi Letter, US dollar-denominated corporate bond issuance linked to AI reached a record $419 billion in 2026 as of Oct. 21.

That represents a 90% increase from the entire 2025 total and a 437% increase from 2024.

Major technology companies, including Alphabet, Amazon, Meta, Microsoft and Oracle, accounted for $157 billion of the borrowing, while investment-grade and high-yield data center and computing companies raised another $103 billion.

Many have secured customer contracts and ordered computing equipment but lack the balance sheets and financing relationships that let tech giants raise billions through conventional debt markets.

David Choi, co-founder of GPU financing platform USD.AI, highlighted the scale of this unmet demand.

7 billion moving through different stages of evaluation.

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