PANews reported on February 12 that according to CoinDesk, a new podcast revealed that Galaxy and Ripple's loans played a key role in helping the crypto exchange MoonPay cope with the surge in demand after Donald Trump issued the official Meme coin on January 18. The market value of the TRUMP token quickly soared from nearly $200 million at the time of issuance to over $10 billion within 48 hours, successfully landing on the spot and futures markets of major exchanges, and achieving a trading volume of over $20 billion in two days. However, this peak in demand coincided with the weekend, and the following Monday was a public holiday, which made MoonPay's fiat currency account inaccessible and liquidity tight. In order to meet the trading needs of Trump tokens, MoonPay urgently needs more than $100 million in liquidity, and short-term loans become the only option. MoonPay executives estimate that about $100 million in USD Coin stablecoins are needed to cope with it.

So, MoonPay contacted Novogratz for a loan. After reaching an agreement, MoonPay quickly prepared documents and passed the review of BlackRock executives to verify the repayment ability. But the demand for TRUMP tokens continued to rise, and the first lady Melania's MELANIA token was also launched on the market, making the $100 million in liquidity stretched. MoonPay had to seek an additional $60 million in funds. Grossman then contacted Ripple's Garlinghouse and admitted that he had underestimated the demand for TRUMP tokens. After a rigorous review, including MoonPay's Wright using all of his personal assets as collateral, Ripple provided the additional funds needed. In addition, MoonPay also proved that its reserve capital was free of liens. After a long weekend, MoonPay was finally able to use its reserve funds on January 21 and repaid all loans in full. That week, the company added 750,000 new users.