Moonpay received a $160M loan from Ripple and Galaxy execs to help support the debut of the TRUMP memecoin.

Ripple and Galaxy Execs Provided $160M in Emergency Loans to MoonPay Amid TRUMP Memecoin Frenzy

A sudden surge in demand for Donald Trump’s official memecoin, TRUMP, left crypto payments provider MoonPay scrambling for liquidity, prompting emergency loans from Ripple and Galaxy executives, according to a newly revealed podcast.

TRUMP debuted on Jan. 18, just days before the president’s swearing-in, marking the first time a U.S. president has been directly linked to a memecoin. The unexpected launch sent the token’s market cap soaring from $200 million to over $10 billion within 48 hours, with trading volumes surpassing $20 billion across both spot and futures markets.

The massive buying pressure hit on a Saturday, when MoonPay’s fiat accounts were inaccessible due to the weekend, followed by a public holiday on Monday for the inauguration. This left the company unable to access over $100 million in liquidity required to support TRUMP’s trading activity, forcing it to seek short-term funding to maintain operations.

MoonPay’s leadership, including President Keith Grossman, CEO Ivan Soto-Wright, and CFO Mouna Siala, estimated they needed $100 million in USDC stablecoin to cover the spike in demand. They turned to Galaxy Digital’s Mike Novogratz, securing a loan after a quick vetting process that involved BlackRock, where MoonPay held reserve funds.

However, demand continued to grow, fueled further by the launch of MELANIA, a memecoin tied to First Lady Melania Trump. With the initial loan proving insufficient, MoonPay sought an additional $60 million. Grossman then reached out to Ripple CEO Brad Garlinghouse, admitting they had underestimated the token’s popularity.

Ripple agreed to provide the additional capital, but only after extensive due diligence. This included a personal asset pledge from Soto-Wright and proof that MoonPay’s reserve capital was free of any encumbrances.

MoonPay successfully repaid the full $160 million on Jan. 21, the first business day after the long weekend, once it regained access to its reserve funds. The surge in activity also saw MoonPay onboard 750,000 new users in just a week.

Despite its explosive launch, TRUMP’s price has since declined by 79% from its Jan. 19 peak.