Loans from Galaxy and Ripple played a pivotal role in helping crypto exchange MoonPay handle the demand stemming from the launch of Donald Trump’s official memecoin after its Jan.18 issuance, a new podcast reveals.Ripple Brad Garlinghouse and Mike Novogratz lent Moonpay $160M to launch the $TRUMP Token 👀 pic.twitter.com/jaA5rl9QGzFebruary 12, 2025See all newslettersTRUMP launched days before the President's swearing-in ceremony. The token launch was a surprise move that made him the first-ever president to be directly related to a memecoin. The token's market capitalization zoomed from nearly $200 million at issuance to over $10 billion within 48 hours — bagging spot and futures listings across exchanges and over $20 billion in trading volumes over two days.The massive demand came on a Saturday, when MoonPay’s fiat accounts were inaccessible due to the weekend with a public holiday on the following Monday for the swearing-in. The situation meant MoonPay could not readily access over $100 million in liquidity required to meet TRUMP’s trading demand — leaving a short term loan as the only option to ensure business went as usual.MoonPay president Keith Grossman, along with CEO Ivan Soto-Wright and CFO Mouna Siala, estimated the company needed around $100 million worth of USD Coin stablecoin.That’s when Novogratz was contacted for a loan. After securing an agreement, MoonPay quickly prepared the necessary documentation and verified their ability to repay after vetting with a BlackRock executive, where MoonPay held its reserve funds.However, demand for the TRUMP token continued to escalate and first lady Melania Trump’s MELANIA tokens were, too, launched, leading to the $100 million being insufficient to meet liquidity requirements. That pushed MoonPay to seek another $60 million in funds. Grossman then connected with Ripple’s Garlinghouse, stating he had “underestimated the demand of this Trump token.”Ripple contributed the additional $60 million needed after a thorough vetting, including a pledge of MoonPay’s Wright for his entire personal assets. MoonPay further had to prove there were no liens on its reserve capital.MoonPay repaid all loans in full on Jan.21, a Tuesday after the long weekend when it could finally access its reserve funds. The company onboarded 750,000 new users that week.Prices of TRUMP, despite its blockbuster launch, are down 79% since its Jan. 19 peak.
