Blockworks researcher: holds a constructive attitude towards sUSDai, CHIP adjusted to neutral

Blockworks researcher Nick Carpinito stated: He holds a constructive attitude towards the GPU mortgage protocol USD.AI's sUSDai and has adjusted CHIP from underweight to neutral. sUSDai currently has a net yield of 6.98%, with loan interest currently accounting for about three-quarters of that yield, and gradual increases in custody will lead to mechanical adjustments.

The deployed principal has reached $272.4 million, covering 17 loans, accounting for 46% of the protocol's $586 million TVL, with an additional $312.1 million signed in terms sheets. CHIP is trading at approximately $0.041, with a fully diluted valuation of about $408 million. He maintains a constructive view on sUSDai, with a net yield of 6.98% expected to rise above 8% with the transition of custody; he maintains a neutral stance on CHIP until the fee routing or the cliff unlocking decision in April 2027 determines the direction.