David Choi & Conor Moore: USD.AI - Financing the Future of AI Infra
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You're now plugged in to the Delphi podcast. Hey,
everyone. Welcome back to the podcast. I'm your host, Jordan, from Delphi Research. I have David Choi and Connor Moore here from USDAI. How are you guys? Great. Doing
well. Doing great.
USDAI is a synthetic dollar backed by AI and deep end hardware assets. We released a report last week on the portal that's a great primer. It's def it's free right now, so definitely go check that out. Connor and David are here to provide some additional color on the vision for USD AI and how it impacts infrastructure finance. How about we start with some quick intros and background? For
sure. I guess I'll go over the team real quick and then pass off to Connor for just kind of our, earlier journey. Me, Connor and I, we both met at Deutsche Bank, kinda coming from TradFi. I think it's also the pattern in all of, Delphi as well, kind of escaping TradFi. But we work we work together on on real estate investment banking. I I personally moved into, like, the early MAB scene, back in, like, 2017, '20 '18, where it was like the earlier attack surfaces before it it was even called MAB, like, gas bombing for ICOs or, like, LP sniping for, like, you know, swap. That a lot of venture ov
I can give some more kind of background on on our path. So when we started the company, we were really looking at what was happening in DeFi, particularly Aave, Uniswap, Compound as sort of these zero to one moments in financial innovation where you actually had, you know, tremendous improvement, 10 x, hundred x improvement in in execution. But it was always for, you know, AMMs for swapping liquid tokens, CDPs, and, lending markets for barring against liquid tokens. It It was all kinda catered to liquid tokens, and we thought there would be sort of a next wave of financial innovation happening
So this is DAI meets Internet capital markets. And this is this is real capital, productive capital, not, you know, crypto native capital markets. Can you help me establish the market for this a little bit? What deep end sectors what what, what sectors is this applicable to, and what's the the total size that, of this market?
So I guess we can start from, like, all RWAs, like, crypto native RWAs, and just really focus on deepness as a sector. And that heuristic is just really finding that greenfield of, like, hey. Good credit, but, like, kind of under underbanked in a sense. And among that even, you've seen this you've seen this behavior among, Deepen protocols where they're focusing on scale. We call it, like, a bit of a deep deepened trilemma where they either balance out scale, price, or, data fidelity, or just like quality of, of output within the within the asset itself, whether they're providing compute or th
Yeah. One of one of the coolest parts of USDAI, I think, is is the unique problem set that you guys had when when building this. So this hardware doesn't mark to market. There's a lot of unique, issues with the game theory and the default process that you have to solve for. So you guys sort of created this oracle free DeFi structure from the ground up and from a product perspective, not from a philosophical need. Right? So can we can we go over, like, USDI structure at high level and and what makes up USDI?
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