Gemini, the cryptocurrency exchange, has secured a $75 million credit line from Ripple Labs as it moves closer to its Initial Public Offering (IPO). The company revealed the deal in its SEC filing on August 15, giving investors insight into its financial preparations.
Gemini can borrow up to $75 million through the credit line, with the possibility of raising it to $150 million if it meets specific performance goals. Each loan must be at least $5 million and carries an interest rate of 6.5% or 8.5%, backed by collateral. This arrangement provides Gemini with extra financial flexibility as it prepares to go public in a challenging crypto market.
RLUSD Stablecoin in the Mix
The filing also notes that once borrowing exceeds $75 million, Gemini can use Ripple’s dollar-backed stablecoin, RLUSD, for repayment. So far, no funds have been drawn from the facility. This is one of the first times RLUSD is directly linked to a major U.S. trading platform, putting it in competition with Tether’s USDT and Circle’s USDC. The move highlights Ripple’s efforts to make RLUSD a more widely used stablecoin on U.S. exchanges.
Gemini is also under financial pressure. The exchange posted a net loss of $282.5 million in the first half of 2025, compared with $41.4 million for the same period last year. Revenue fell to $67.9 million from $74.3 million, and with losses continuing to mount, the Ripple credit line becomes an important support for Gemini as it prepares for its IPO.
For Ripple, the deal gives RLUSD greater visibility and a chance to expand its use. For Gemini, it provides some financial breathing room ahead of going public. Analysts think the partnership could help RLUSD get noticed more while also showing investors that Gemini has extra funds to fall back on. It also shows a bigger pattern in crypto where exchanges are teaming up with infrastructure companies to get funding and push their stablecoins.
Since Gemini is dealing with regulatory challenges and growing losses, the Ripple credit line could be a key factor in keeping the IPO on track. Investors and market watchers will be keeping a close eye on how the partnership develops and whether RLUSD can compete successfully with Tether and USDC in the U.S. market.
