Recently released data from Coinbase's Q2 2025 report shows a surprising shift in the cryptocurrency market: XRP has surpassed Ethereum in revenue on the platform.
XRP Revenue Outpaces Ethereum
According to the report, Coinbase reported total transaction revenue of $764 million, with XRP contributing 13% of that figure. Bitcoin continues to dominate with a 34% share, while Ethereum, falling to third place, captured just 12%. Over the past six months, XRP has consistently grown its revenue share to 16%, continuing to outpace Ethereum.
Interest in Bitcoin and Stablecoins
The report highlights the significant impact of XRP trading resurgence on Coinbase's financial results during the April-June 2025 period. Following a favorable outcome in its legal battle with the SEC in July 2023, XRP saw renewed investor confidence, contributing to its rapid increase in market share on the exchange. Experts note that the removal of legal uncertainties has bolstered interest in purchasing XRP. Meanwhile, despite a sharp rise in its price, Ethereum has seen a decline in its position within Coinbase's revenue structure, with XRP's share climbing to 16% and Ethereum settling at 11%.
Overall Conclusions
Coinbase's cryptocurrency portfolio includes $1.3 billion in Bitcoin, $300 million in Ethereum, and $200 million in other coins, placing the exchange alongside institutional Bitcoin holders like Metaplanet and Riot Platforms. Additionally, revenue from stablecoins saw a remarkable 44% increase compared to the previous year, despite total transaction revenue of $764 million falling slightly short of analysts' expectations.
Thus, Coinbase's report indicates significant dynamics in the cryptocurrency market, where XRP, leveraging the removal of legal barriers, has regained investor confidence and outperformed Ethereum in revenue.
