Blockworks Researcher Holds Constructive View on sUSDai, CHIP Adjusted to Neutral

Blockworks researcher Nick Carpinito expressed a constructive view on the GPU collateralized loan protocol USD.AI's sUSDai, adjusting CHIP from underweight to neutral. sUSDai currently has a net yield of 6.98%, with loan interest accounting for about three-quarters of that yield, and gradual increases in custody are expected to lead to mechanical adjustments. A total of $272.4 million in principal has been deployed, covering 17 loans, which represents 46% of the protocol's $586 million TVL, with an additional $312.1 million already signed in term sheets. CHIP is trading at approximately $0.041, with a fully diluted valuation of about $408 million. The constructive outlook on sUSDai is maintained, with the net yield of 6.98% expected to rise above 8% with the transition of custody; the view on CHIP remains neutral until the fee routing or the cliff unlocking decision in April 2027 determines the direction.

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