Crypto Exchange Gemini Discloses $75 Million Credit Line With Ripple

Cryptocurrency exchange Gemini’s recent initial public offering (IPO) filing with the Securities and Exchange Commission (SEC) reportedly highlighted the company’s ties to blockchain company Ripple Labs.

Gemini said in its Form S-1 filing that it has a $75 million credit line with Ripple, the option to extend the facility to $150 million if certain metrics are met and the ability to make lending requests in the form of Ripple’s dollar-denominated stablecoin, RLUSD, once its borrowing surpasses the initial $75 million, CoinDesk reported Tuesday (Aug. 19).

The deal indicates that Ripple wants its stablecoin to compete with Tether’s USDT and Circle’s USDC, as it makes RLUSD a settlement option for a major U.S. trading platform, the report said.

Gemini said in its filing that it entered into the credit agreement with Ripple on July 10 to finance credit card receivables and that as of Friday (Aug. 15), it has made no draws under the credit agreement.

PYMNTS reported Friday that the IPO filing showed that Gemini had net losses of $282.5 million and revenues of $67.9 million for the first six months of the year. That’s compared to a $41.1 million net loss and revenues of $73.5 million during the same period in 2024.

The company’s planned IPO comes amid an ongoing mainstreaming of the crypto sector after President Donald Trump’s return to office and follows the recent IPOs of stablecoin issuer Circle and crypto exchange Bullish.

Gemini announced June 6 that it had confidentially submitted a draft registration statement with the SEC for an IPO.

The announcement came a day after Circle debuted on the New York Stock Exchange (NYSE) and saw the price of its stock triple by the day’s close.

Gemini discussed Circle’s upsized IPO in a June 5 Weekly Market Update, saying: “The debut represented a hopeful shift for an IPO market that’s been largely muted in recent years. And it indicated there’s huge appetite for a growing cryptocurrency company in an industry aided by significant macroeconomic tailwinds thanks to pending stablecoin legislation and the Trump administration’s move to encourage digital asset innovation.”

About two weeks later, on July 18, Trump signed into law the country’s first-ever piece of crypto legislation, the stablecoin-focused GENIUS Act.