Ripple Fuels Gemini’s IPO Ambitions with $75M Credit Line—RLUSD Option Sparks Market Buzz
Ripple just threw gasoline on Gemini’s IPO fire—backing the exchange’s regulatory runway with a hefty $75 million credit facility. The deal includes a twist: an option tied to RLUSD, Ripple’s stablecoin play.
Why It Matters
This isn’t just liquidity—it’s strategic positioning. Ripple’s credit line gives Gemini ammunition to navigate its SEC scuffles while dangling a stablecoin carrot. RLUSD integration could reshape how exchanges collateralize and compete.
The Bigger Picture
Traditional finance would’ve demanded equity or warrants—Ripple took a crypto-native route. The move signals deepening alliances between “established” crypto giants and trading platforms hungry for war chests. Because nothing says 'financial innovation' like recycling fiat-backed tokens into more leverage.
Watch the dominoes—if Gemini’s IPO pops, expect a wave of copycat deals. If it flops? Well, at least the credit was in stablecoins.
Gemini Set to Become Third U.S. Crypto Exchange to Go Public
The move positions Gemini to become the third crypto exchange to go public in the U.S., following Coinbase in 2021 and Bullish earlier this month.
The filing also underscored Gemini’s financial headwinds. The exchange reported a $282.5 million net loss in the first half of 2025, up nearly sevenfold from the same period last year, while revenue slid to $67.9 million from $74.3 million.
Under the agreement with Ripple Labs, Gemini can borrow in tranches of at least $5 million, at interest rates of 6.5% or 8.5%, secured by collateral.
Once borrowing surpasses $75 million, loans can be denominated in RLUSD, giving Ripple’s dollar-backed stablecoin a direct entry point into U.S. exchange infrastructure.
BREAKING:@Gemini has filed to go public on Nasdaq under the ticker $GEMI.
They’ve also entered into a credit agreement with Ripple to help raise funds for the IPO.
Crypto IPOs are officially taking over. pic.twitter.com/mC7JKyiJMn
No funds have been drawn yet, but the inclusion of RLUSD signals Ripple’s ambition to compete with Tether’s USDT and Circle’s USDC, which dominate the stablecoin market.
For Gemini, the facility offers fresh liquidity at a pivotal moment, as investor scrutiny intensifies ahead of its listing.
Wall Street Giants Line Up to Lead Deal
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will lead the deal, with Academy Securities and AmeriVet Securities as co-managers.
The filing arrives amid heightened investor interest in crypto listings. Circle’s June debut saw shares surge nearly 10x from the $31 offering price before settling at $149.
Earlier this week, institutional exchange Bullish more than tripled from its $37 IPO price on its first trading day, closing NEAR $70 on Friday.
Several other crypto firms, including OKX, Grayscale, and Kraken, have either hinted at or initiated plans to go public. Meanwhile, listed industry leaders like Coinbase and MicroStrategy have recently hit multi-year highs.
The IPO push comes as the regulatory climate shifts in favor of digital assets. Since President Trump’s return to office in January, the SEC has dropped most cases against crypto firms.
The TRUMP administration has also advanced its pro-crypto agenda with a series of policy and regulatory moves.
President Trump signed an executive order urging regulators to remove barriers that prevent 401(k) plans from including alternative assets such as cryptocurrencies.
If implemented, the reforms could allow millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated channels.
