- Ripple grants Gemini a $75M credit line, ahead of the exchange’s planned Nasdaq IPO listing.
- Gemini revealed the deal in its SEC filing while reporting a $282.5 million net loss.
- The deal embeds Ripple’s RLUSD stablecoin into Gemini’s financing structure as a borrowing option.
Gemini’s long-awaited IPO filing with the SEC revealed more than financial losses. It also spotlighted a new partnership with Ripple. The exchange disclosed a $75 million credit facility from Ripple Labs, tying the payments giant’s stablecoin ambitions to Gemini’s public listing strategy.
The timing of the deal stood out. Gemini reported steep losses in its filing yet outlined plans to become the third U.S. exchange to trade publicly. Ripple’s backing placed RLUSD, its stablecoin, within Gemini’s IPO narrative, linking market expansion with regulatory visibility.
Gemini’s IPO Plans and Losses
Gemini submitted its registration statement to the SEC on August 15. The filing revealed a net loss of $282.5 million for the first half of 2025. That figure marked a nearly seven-fold increase from $41.4 million a year earlier. Revenue also slipped to $67.9 million, down from $74.3 million.
Despite the financial decline, Gemini pressed ahead with its IPO plans. The exchange intends to list on Nasdaq under the ticker symbol “GEMI.” If successful, Gemini will follow Coinbase, which was listed in 2021, and Bullish, which entered the market earlier this month.
Ripple emerged as a central figure in Gemini’s strategy. The filing detailed the credit agreement, giving the exchange access to up to $75 million. The facility could extend to $150 million if certain performance thresholds are met.
RLUSD Positioned in U.S. Institutional Rails
The Ripple agreement included a crucial detail. Once Gemini borrows beyond the $75 million threshold, the exchange can request funds in RLUSD. That option puts Ripple’s stablecoin directly in the framework of Gemini’s financing structure, linking RLUSD with a major U.S. platform’s liquidity system.
Each loan drawdown must be at least $5 million. Interest rates range from 6.5% to 8.5%, depending on terms, and collateral is required. As of the filing date, Gemini had not drawn any funds.
By embedding RLUSD into Gemini’s IPO financing, Ripple positioned its stablecoin alongside industry leaders Tether’s USDT and Circle’s USDC. The arrangement brought RLUSD closer to U.S. regulatory oversight, as Gemini’s listing process is under SEC review.
Ripple’s move gives its stablecoin a potential role in institutional settlement. If Gemini taps the credit line, RLUSD could see early adoption within exchange-level liquidity. That would mark an important step in Ripple’s broader attempt to compete with established stablecoins in the American market.
Related: Ripple’s Legal Battle with SEC Nears End: Joint Motion to Dismiss and Settlement
Strategic Implications
The collaboration has far-reaching implications for the two companies. To Gemini, the deal provided flexible financing in a time of accelerating losses. The option to use RLUSD later could reduce reliance on traditional dollar borrowing, signaling an openness to digital settlement tools.
For Ripple, the connection with Gemini’s IPO extends beyond lending. By linking RLUSD to a public exchange filing, Ripple advanced its effort to integrate its stablecoin into regulated financial frameworks. This alignment with Gemini’s Nasdaq ambitions suggested Ripple wanted RLUSD visible in institutional discussions.
As Gemini tries to get its IPO approved, its relationship with Ripple will remain under close observation. How the credit line develops could influence the perception of RLUSD’s role in future U.S. financial systems.
