Proof of Loans
Independent third-party attestation reporting on USD.AI’s GPU loan portfolio.
Proof of Loans provides independent visibility into key attributes of USD.AI’s GPU loans through an agreed-upon procedures attestation engagement performed by The Network Firm LLP, a licensed independent CPA firm specializing in digital assets.
Latest Report
Snapshot Date: July 15, 2026 Independent Accountant: The Network Firm LLP Engagement: Agreed-Upon Procedures
What is independently tested
For each loan in scope, The Network Firm tests key loan attributes against underlying source documentation and, where applicable, third-party blockchain data.
The procedures include:
Inspecting executed loan and security documentation
Confirming borrower SPV establishment for Standard loans
Documenting loan principal, interest rate, maturity, collateral value, GPU type, server quantity, and facility location from the executed documents
Independently viewing applicable loan disbursement dates and amounts through a third-party block explorer
Comparing disbursement dates and amounts against the applicable executed loan documents
Recalculating original loan-to-value ratios
Inspecting executed Valuation Services Agreements, including counterparties and signatures, covered GPU assets and quantities, and initial and current (as of the snapshot date) maximum payout amounts
The findings are published at the individual loan level in the report.
How the engagement works
The report covers both USD.AI’s current Standard loan structure and earlier Non-Standard financings. The Network Firm obtains and inspects the applicable executed financing documents and supporting records for each loan in scope.
For Standard loans, these materials may include borrower SPV formation documents, Loan and Security Agreements and amendments, Sale and Contribution Agreements, Master Services Lien Waiver Acknowledgements, Licensor Waiver and Consent Agreements, Short-Form Transactional Approvals, hardware-monitoring records, warehouse receipts, purchase orders and schedules of onchain disbursement transaction hashes. For Non-Standard loans, the materials may include Customer Service Agreements and amendments, Equipment Purchase and Sale Agreements, warehouse receipts, purchase orders and on-chain disbursement schedules.
Where a loan is disbursed on-chain, The Network Firm independently views the relevant transaction through a third-party block explorer and compares the transaction date and amount against the executed loan documentation.
The Network Firm also recalculates specified attributes such as original LTV and inspects executed Valuation Services Agreements for counterparties and signatures, covered GPU assets and quantities, and initial and current (as of the snapshot date) maximum payout amounts.
About The Network Firm
The Network Firm LLP (TNF) is the largest crypto-focused CPA firm in the United States, providing audit, advisory, and Proof of Reserves attestation services for stablecoin issuers, real-world asset (RWA) issuers, exchanges, and other digital asset businesses.
The firm is a member of the American Institute of Certified Public Accountants (AICPA) and received a “pass” rating in its latest external peer review. Its publicly named clients include Kraken, CoinShares and Ledn, and its work spans digital asset lenders, exchanges and custodians, stablecoin issuers, token projects and crypto exchange-traded products. TNF was recognized by Accounting Today as a Best Firm for Technology in 2025.
Scope of the Report
Proof of Loans is based on an agreed-upon procedures attestation engagement conducted under AICPA standards.
The Network Firm reports the findings from specifically defined procedures. The engagement is not a financial statement audit or review and does not provide an opinion or conclusion on the overall credit quality of USD.AI’s loan portfolio.
The report should be reviewed for the complete scope, procedures, findings, and limitations of the engagement.
Read the full Proof of Loans report.
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