In a remarkable behind-the-scenes financial maneuver, executives from Galaxy Digital and Ripple provided crucial loans totaling $160 million to crypto exchange MoonPay, enabling the platform to handle the explosive demand for President Donald Trump’s official memecoin launch in January.

The previously untold story, revealed in a recent podcast, highlights how MoonPay navigated a perfect storm of circumstances when the TRUMP token launched on January 18, just days before Trump’s presidential inauguration.

The timing couldn’t have been more challenging. The launch occurred on a Saturday when MoonPay’s fiat accounts were inaccessible due to the weekend, with the following Monday being a public holiday for the presidential swearing-in ceremony.

MoonPay, serving as the exclusive crypto payments provider for the Moonshot platform where TRUMP was launched, found itself in a precarious position. The token’s market capitalization skyrocketed from approximately $200 million at issuance to over $10 billion within just 48 hours, generating more than $20 billion in trading volumes across exchanges.

MoonPay President Keith Grossman, CEO Ivan Soto-Wright, and CFO Mouna Siala determined the company needed around $100 million worth of USD Coin stablecoin to meet the surging demand. With no access to their reserve funds over the extended weekend, they turned to Galaxy Digital’s Mike Novogratz for assistance.

After securing an initial agreement with Novogratz, MoonPay quickly prepared the necessary documentation and verified their ability to repay by consulting with a BlackRock executive, where MoonPay maintained its reserve funds.

However, as demand for the TRUMP token continued to escalate, compounded by the launch of first lady Melania Trump’s MELANIA tokens, the initial $100 million proved insufficient. This prompted MoonPay to seek an additional $60 million.

Grossman reached out to Ripple’s Brad Garlinghouse, candidly admitting he had “underestimated the demand of this Trump token.” Ripple agreed to provide the additional $60 million after conducting thorough due diligence, which included Soto-Wright pledging his entire personal assets as collateral. MoonPay also had to demonstrate there were no liens on its reserve capital.

The loans were repaid in full on January 21, the Tuesday following the long weekend, when MoonPay finally regained access to its reserve funds. The company onboarded an impressive 750,000 new users during that week alone.

Despite its spectacular launch, the TRUMP token has experienced significant volatility, with prices down 79% from its January 19 peak as of February 5, 2025.

The episode underscores the unpredictable nature of the cryptocurrency market, particularly around high-profile token launches, and highlights the importance of liquidity management for crypto infrastructure providers like MoonPay when facing unprecedented demand.