A notable shift in Coinbase’s cryptocurrency revenue landscape emerged in the second quarter of 2025 as XRP captured a significant 13% share of the platform’s transaction revenue, surpassing Ethereum’s 12% to secure the second position behind Bitcoin. This development underscores XRP’s growing prominence on Coinbase, particularly given that Bitcoin continues to dominate both trading volume and revenue generation. XRP’s 13% share during Q2 contributed to a robust 16% of total revenue for the first half of 2025, illustrating sustained interest and trading activity that outpaced Ethereum despite the latter’s higher overall trading volume.
The divergence between XRP’s revenue and volume metrics highlights its trading profitability on Coinbase. While Ethereum faced a decline in transaction revenue, influenced in part by adjustments to stablecoin fee structures and shifting market dynamics, XRP capitalized on favorable conditions including increased retail and institutional demand. Regulatory clarity surrounding XRP has enhanced trader confidence, encouraging more active engagement. Moreover, the acceleration of XRP futures trading has emerged as a significant factor driving revenue growth, reflecting broader market interest in derivatives linked to the asset. XRP is currently the third most traded asset on Coinbase, with a 24-hour volume of $280.33 million, representing 9.78% of trading activity. This growing importance of XRP aligns with Coinbase’s broader strategic shift to focus on high-liquidity assets and regulatory compliance.
Coinbase’s overall Q2 2025 revenue and volume trends presented a challenging environment, with total revenue declining 26% quarter-over-quarter to $1.5 billion and transaction revenue dropping 39% to $764 million. Trading volume contracted by 40% to $237 billion, with consumer activity particularly affected, falling 45%. Despite these headwinds, XRP’s revenue share increased, suggesting resilience amid broader market contractions and structural shifts such as the platform’s revised stablecoin pricing strategy. This adjustment reduced stablecoin-related revenue but indirectly benefited other cryptocurrencies, including XRP, by reallocating trading liquidity and fee income.
