Crypto Chaos Ensues

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Oh boy, are we in for a wild ride! 🚀 In a move that’s got everyone scratching their heads, Gemini, one of the leading US exchanges, has entered into a credit agreement with Ripple Labs, the enterprise blockchain company behind the XRP token. 🤝

According to Gemini’s S-1 filing, this credit agreement means Gemini can draw funds from Ripple via a credit facility. Because, you know, what’s a better idea than borrowing money from a company that’s also trying to get into the stablecoin game? 🤔

Gemini’s borrowings will bear interest of up to 8.5% per year. Ouch! 💸 That’s like me lending you money and charging you interest on top of that. 😂

$75 million borrowing cap, because who needs more than that, right? 🤷‍♂️

The S-1 filing shows that Gemini is already using the credit line for liquidity purposes. Because, you know, liquidity is key… until it’s not. 😜 The exchange can borrow in increments of $5 million or more from a total sum of $75 million. And if they need more, they can just ask nicely and maybe, just maybe, Ripple will bump it up to $150 million. 🤞

RLUSD, the stablecoin that’s about to take the world by storm… or not 🌪️

Here’s the fun part: within the initial $75 million cap, Gemini can only borrow directly in the US dollar. But if they want to take out additional loans, they might borrow these funds in the Ripple USD (RLUSD) token. Because who doesn’t love a good stablecoin? 🤪

This deal could potentially be used for enhancing the token’s adoption. Or it could just be a huge experiment to see how much money Gemini can lose. 🤑

Gemini’s IPO: because going public is always a good idea, right? 📈

As reported by U.Today, Gemini confidentially filed to go public in June. And by “went public,” I mean they basically announced to the world that they’re hemorrhaging money. 💸 The company’s S-1 filing shows that they suffered heavy losses in the first half of 2025. Yikes! 😱 Their cash reserves stood at roughly $162 million as of mid-2025, with liabilities surpassing $2 billion. Who needs profits when you have a good story to tell, right? 🤷‍♂️

Meanwhile, Ripple recently clarified that it had no IPO plans in the near future. Phew! 😌 Because we all know how well that usually ends. 🤦‍♂️

Crypto Chaos Ensues

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2025-08-17 22:00