Ripple Grants $75M Credit Line to Gemini Ahead of Nasdaq IPO

Gemini, a U.S.-based cryptocurrency exchange, has secured a $75 million credit line from Ripple Labs, with the potential to increase to $150 million if performance criteria are met. The loan carries interest rates between 6.5% and 8.5%, requires minimum drawdowns of $5 million, and once borrowing exceeds $75 million, repayments may be denominated in Ripple's dollar-backed stablecoin, RLUSD, signaling Ripple's ambition to position RLUSD as a competitor to dominant stablecoins like Tether's USDT and Circle's USDC. Gemini plans to go public on Nasdaq under the ticker "GEMI," potentially becoming the third U.S. crypto exchange to list, following Coinbase and Bullish. The exchange is facing financial challenges, reporting a net loss of $282.5 million in the first half of 2025—nearly seven times higher than the previous year—with revenues declining to $67.9 million. The credit line from Ripple provides Gemini with vital liquidity amidst regulatory pressures and market volatility as it prepares for its IPO, which is being underwritten by major investment banks including Goldman Sachs, Citi, and Morgan Stanley.