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According to Gemini’s IPO filing, Ripple has extended a $75 million credit facility to the exchange, with the option to expand it up to $150 million. This comes as Gemini reported $282 million in losses and over $2 billion in liabilities in the first half of 2025. For Gemini, Ripple’s financing represents a critical lifeline as it pushes forward with its Nasdaq listing.
However, crypto analyst All Things XRP suggests this agreement is about much more than financial aid. Ripple appears to be leveraging the deal to accelerate adoption of its RLUSD stablecoin. If Gemini draws beyond the initial $75 million, Ripple can denominate the credit in RLUSD. That would mean Gemini’s IPO flows could settle directly in RLUSD, mirroring Bullish’s listing, where Ripple used RLUSD and USDC to settle $1.15 billion in transactions.
This move could significantly strengthen institutional-level adoption of RLUSD while boosting settlement activity on the XRP Ledger.
Ripple’s “Federal Bank” Ambition
Ripple’s ambitions go far beyond lending and stablecoins. In July, the company filed an application for a U.S. national trust bank charter. If approved, Ripple would be able to:
- Hold reserves directly with the Federal Reserve,
- Offer FDIC-insured crypto deposits,
- And even use its 35 billion XRP escrow holdings as regulatory capital.
According to XRP community commentators, this development could place Ripple among the top 20 U.S. banks by capital base.
XRP – The Settlement Rail Behind the Strategy
Every RLUSD transaction processed through the XRP Ledger generates fees and drives network activity. All Things XRP argues this reduces the need for Ripple to release additional XRP from escrow, potentially creating a long-term bullish cycle. In this vision, XRP is not just a digital asset—it is the settlement rail underpinning a new wave of banking infrastructure.
Ripple’s strategy demonstrates that the company is moving beyond its image as a payments firm. In Gemini’s case, Ripple is executing a broader plan that integrates credit facilities, stablecoin adoption, institutional infrastructure, and regulatory legitimacy.
Resistance from Wall Street
Unsurprisingly, Ripple’s bold trajectory has not gone unnoticed by traditional finance. Industry groups such as the ICBA and NCRC, along with banking giants JPMorgan and Bank of America, have openly opposed Ripple’s bank charter application.
Analysts describe this as a clash between old and new financial systems. Rather than integrating into the existing structure, Ripple seems intent on replacing it, a move that is bound to face fierce resistance from Wall Street.
