Ripple’s XRP outperformed Ethereum in Coinbase’s Q2 trading revenue, capturing 13% of the exchange’s transaction fees compared to Ethereum’s 12%. Bitcoin maintained dominance with a 34% share during the same period.
The shift in revenue allocation underscores renewed market interest in XRP, primarily driven by its July 2023 relisting on Coinbase and favorable developments in Ripple’s ongoing legal cases. This momentum extended into the first half of the year, where XRP secured 16% of transaction revenue against Ethereum’s 11%.
Separately, Coinbase reported substantial corporate treasury holdings of $1.3 billion in Bitcoin and $300 million in Ethereum, cementing its position among leading institutional cryptocurrency custodians.
Despite Federal Reserve rate cuts, Coinbase’s stablecoin revenue demonstrated remarkable resilience, growing 44% year-to-date as traders increasingly leveraged stable assets for liquidity management and hedging strategies.