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Ripple Extends $75 Million Credit Line to Support Gemini’s IPO

Ripple Extends $75 Million Credit Line to Support Gemini’s IPO

Gemini’s SEC filing reveals Ripple’s expandable $75–150 million credit facility with collateral, RLUSD lending above $75 million, and top Wall Street banks underwriting its planned Nasdaq listing.

RLUSD

Fact Check
Multiple credible sources (CoinDesk, Mitrade, AInvest) confirm that Gemini's S-1 IPO filing disclosed a $75 million credit facility from Ripple. The evidence links this credit arrangement to the company's IPO preparations. While one source states a conflicting amount of $150 million, the weight of the evidence strongly corroborates the $75 million figure.
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Summary

Gemini disclosed in its IPO filing that it entered into a $75 million credit agreement with Ripple in July 2024, expandable to $150 million under certain conditions. Each loan request must be at least $5 million, with collateral required and interest ranging from 6.5% to 8.5%. Borrowing above $75 million must be drawn exclusively in Ripple’s RLUSD stablecoin, subject to Ripple’s approval, while all repayments are made in USD. The filing confirmed Gemini has already received some funds from Ripple. The exchange reported a net loss of $282 million in the first half of 2025 and plans to list Class A common stock on Nasdaq under the ticker GEMI, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor as lead underwriters. The IPO follows Bullish’s $1.15 billion raise earlier in 2025.

Terms & Concepts
  • RLUSD: Ripple’s dollar-pegged stablecoin; used for all lending above the initial $75 million commitment.
  • Stablecoin: A cryptocurrency pegged to a fiat currency like the U.S. dollar to maintain price stability.
  • IPO (Initial Public Offering): The first sale of a company’s stock to the public, in this case Gemini’s planned Nasdaq listing under ticker GEMI.