XRP Beats Ethereum In Revenue Generation for Coinbase
Main Idea
XRP has surpassed Ethereum in generating trading revenue for Coinbase in Q2 2025, driven by regulatory clarity and retail trader interest, while Bitcoin remains the dominant asset on the platform.
Key Points
1. XRP accounted for 13% of Coinbase’s Q2 2025 trading revenue, edging out Ethereum at 12%, and also outperformed Ethereum in H1 2025 with 16% versus Ethereum’s 11%.
2. The regulatory clarity from the SEC case, including a 2023 court ruling that XRP is not a security in secondary market sales, has boosted XRP's prominence.
3. Coinbase relisted XRP in mid-2024 after years of absence, contributing to its resurgence in trading activity.
4. Bitcoin remains the leader on Coinbase, generating 34% of trading revenue in Q2 2025 and holding $1.3 billion in assets on the platform.
5. Ethereum’s recent growth may be more institutionally driven, while XRP’s performance is attributed to retail traders energized by legal clarity and price volatility.
Description
Ripple’s XRP has overtaken Ethereum in Coinbase’s consumer trading revenue, marking a dramatic shift in market dynamics and signaling renewed investor confidence in the asset. This development, highlighted by Bitwise Senior Research Analyst Ryan Rasmussen, reveals that XRP accounted for 13% of Coinbase’s Q2 2025 trading revenue, edging out Ethereum, which stood at 12%. Just a year ago, XRP didn’t even merit a separate revenue breakout in Coinbase’s earnings report, underscoring how far the asset...
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