Ripple Grants Gemini $75M Credit Ahead Of IPO

Gemini’s heavy losses ahead of IPO

On August 15, 2025, Gemini filed for an IPO with the U.S. Securities and Exchange Commission (SEC). Financial details highlight major challenges:

   • Net Loss: $282.5 million in the first half of 2025, nearly seven times the $41.4 million loss a year earlier.

   • Revenue: fell to $67.9 million, down from $74.3 million in 2024.

Despite these struggles, Gemini aims to list on Nasdaq under the ticker GEMI, following in the footsteps of Coinbase (COIN) and Bullish (BLSH).

Ripple’s credit support and RLUSD integration

The standout detail in the filing is Ripple’s credit agreement with Gemini:

   • Ripple provided a $75M credit line, expandable up to $150M if certain benchmarks are met.

   • Each borrowing must be at least $5M, with interest rates ranging from 6.5% to 8.5%, secured by collateral.

   • Once borrowing surpasses $75M, Gemini may use Ripple’s RLUSD stablecoin for settlement.

This highlights Ripple’s ambition to make RLUSD a direct competitor to USDT (Tether) and USDC (Circle).

Market implications for Ripple, Gemini, and Crypto

 1. For Gemini: The credit line provides critical financial liquidity during its IPO journey, helping offset widening losses.

 2. For Ripple: The move is a strategic step to integrate RLUSD into the U.S. trading ecosystem, boosting its relevance among stablecoins.

 3. For the crypto market: This partnership signals increasing collaboration among major crypto players and underscores the importance of stablecoins in blockchain finance.