➤ AI infrastructure's massive capital needs are being met by tokenized private credit, not traditional payment stablecoins, due to regulatory restrictions like the GENIUS Act. ➤ This on-chain credit market, distinct from payment money, uses data center collateral like GPUs and leases, offering flexible financing but facing risks such as hardware depreciation and jurisdictional enforceability. ➤ While promising for startups and mid-sized operators, this market is separate from mainstream stablecoins and its long-term survival hinges on GPU economics and regulatory clarity.