Gemini’s latest annual filing shows Ripple expanded the exchange’s credit facility to $250 million in December 2025. The amended deal raised the interest rate to 7.0%. It also added collateral and operating covenants tied to Ripple USD, or RLUSD. The disclosure appeared in Gemini Space Station’s Form 10-K, filed on March 31, 2026.
Gemini said it entered the credit agreement with Ripple in July 2025 with a $75 million commitment. Before the December amendment, the facility could rise to $150 million if Gemini met certain metrics. Why did the larger facility come with tighter RLUSD terms and a higher rate?
Ripple temporarily raised the aggregate commitment to $250 million through July 1, 2026. Gemini said the revised terms may limit borrowing availability. The company also said the amendment could increase its cost of capital.
The filing says the amendment lifted the interest rate to 7.0%. If Gemini does not reduce outstanding borrowings to $150 million or less by July 2, 2026, the rate steps up to 10.0%.
Once Gemini exceeds the initial commitment, it may request borrowing in RLUSD. Ripple must consent to those requests. Even then, Gemini must still repay the borrowings in U.S. dollars.
The amendment also added stricter RLUSD requirements. By Jan. 31, 2026, Gemini had to pledge company-owned RLUSD as collateral. It also had to place that RLUSD with a qualified custodian regulated by the New York Department of Financial Services.
Gemini also had to enter a control agreement acceptable to Ripple. The exhibit says failure to meet that deadline would trigger an immediate event of default. In turn, the RLUSD terms became a central part of the revised arrangement.
As of Dec. 31, 2025, Gemini had about $154.1 million outstanding under the Ripple credit agreement. The filing also listed about $95.9 million in unused borrowing capacity. That year-end balance sat above the later step-down threshold.
Gemini said it had pledged roughly $188.8 million in credit card receivables as collateral. Those receivables came from its credit card business. The filing also says Gemini had purchased about $219.8 million in customer receivables by year-end.
Part of that receivables pool backed the Ripple facility. So, the credit line relied on both receivables collateral and new RLUSD-linked conditions. The filing presents both pieces as part of the same financing structure.
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The 10-K also shows Ripple’s relationship with Gemini extended beyond the credit line. In the risk section, Gemini said it launched a co-branded credit card with Ripple in August 2025. That launch helped drive more than 30,000 new card sign-ups that month.
Gemini said that the total was more than double the prior month’s sign-ups. As a result, the filing shows the two companies were already connected through financing and card-related products. The credit facility amendment arrived within that broader relationship.
Later, Gemini approved a plan on Feb. 4, 2026, to exit and wind down operations in the UK, the EU, other European jurisdictions, and Australia. The company said it would continue operating in the US and Singapore. Gemini said the plan aimed to reduce operating expenses and promote profitability.
The filing says the move could include up to 200 job cuts. It also says Gemini could record about $10.9 million in pre-tax restructuring and related charges, with substantially all of that amount in cash. Then, on Feb. 17, Gemini said its chief operating officer, chief financial officer, and chief legal officer had left, and it appointed Danijela Stojanovic as interim CFO.
Gemini’s annual filing shows Ripple expanded its credit facility to $250 million, raised the interest rate, and added RLUSD-linked collateral rules. The filing also shows Gemini had already drawn heavily on the facility while broader ties with Ripple extended into card-related products and financing.