Blockworks Researcher Turns Constructive on USD.AI's sUSDai and Upgrades CHIP to Neutral

Blockworks researcher Nick Carpinito said he remains constructive on USD.AI's sUSDai and raised CHIP from underweight to neutral. According to ChainCatcher, sUSDai currently offers a net yield of 6.98%, with loan interest accounting for about three-quarters of that return. Carpinito said the gradual increase in custody conversion should create a mechanical uplift in yield. He noted that deployed principal has reached $272.4 million across 17 loans, representing 46% of the protocol's $586 million TVL, while another $312.1 million has signed term sheets. CHIP is trading at about $0.041, implying a fully diluted valuation of roughly $408 million. Carpinito said he remains constructive on sUSDai, with net yield at 6.98% and potential to rise above 8% as custody conversion progresses, while CHIP stays neutral until fee routing or the April 2027 unlock cliff provides clearer direction.