Exchange’s IPO filing reveals a secured warehouse facility from Ripple with scope to grow to $150m and potential RLUSD funding beyond the initial commitment.
Gemini has secured a $75 million warehouse credit agreement from Ripple to finance Gemini Credit Card receivables, with capacity to increase to $150 million subject to performance metrics, its latest SEC filing shows.
Ripple Labs is the company behind XRP and Ripple’s dollar stablecoin, RLUSD.
The facility is secured, carries 6.5% or 8.5% interest, and requires minimum $5 million drawdowns, with amounts repayable in US dollars. As of August 15, 2025, Gemini had not drawn on the Ripple line; by contrast, a $75 million NYDIG repurchase agreement was fully outstanding.
Separately, Gemini also entered a $75m Master Repurchase Agreement with NYDIG, under which it had repurchase obligations outstanding as of August 2025.
Why secure a credit line at all?
Gemini operates under New York Department of Financial Services oversight (BitLicense/limited purpose trust) and state MTL regimes that impose restrictions on the investment and safeguarding of user funds and digital assets.
Funding the Gemini Credit Card receivables via third-party warehouse lines (one of which is with Ripple) enables growth without using safeguarded customer balances and aligns with NYDFS’ custody-and-segregation expectations, including its 2023 guidance on protecting customers’ assets in an insolvency and surety bond/trust-account requirements under 23 NYCRR 200.9.
The card itself follows the standard US fintech model, issued by WebBank on Mastercard rails, where receivables are commonly financed off balance sheet.
For UK and EU users, Gemini serves users via GPUK (Financial Conduct Autority-authorised EMI) and GPEL (Central Bank of Ireland-authorised EMI), subject to funds-management, governance, AML, disclosure, reporting and inspection rules.
The FCA has just tightened its regime, setting clearer controls, audits and reporting for payments and e-money firms; this strengthens the rationale for financing lending products with dedicated external facilities rather than customer funds.
In parallel, the EU’s MiCA regime for e-money and asset-referenced tokens is in effect, with the EBA emphasising reserves, timely redemption and supervision – a regulatory climate that favours transparent, ring-fenced liquidity arrangements.
