Saad Ullah
XRP just pulled off something nobody saw coming – it made more money for Coinbase than Ethereum during Q2 2025. The Ripple token went from being practically invisible last year to becoming their second-biggest revenue maker.
Coinbase's latest earnings dropped some wild news. XRP somehow brought in more trading revenue than Ethereum in Q2, which is shocking considering where it was just a year ago. The exchange pulled in $764 million from transactions overall.
XRP Beats Ethereum in Revenue Battle
XRP grabbed 13% of Coinbase's total transaction revenue during Q2, landing in second place. Bitcoin still dominates with 34%, but Ethereum got pushed to third with just 12%. Looking at six months makes it even more impressive – XRP hit 16% versus Ethereum's 11%.
The crazy part? Last year, XRP's revenue share was so tiny that Coinbase didn't even report it. Going from zero to hero in less than two years is wild even by crypto standards.
XRP Makes Comeback After Legal Drama
This turnaround makes sense when you remember XRP's journey. Coinbase stopped XRP trading in early 2021 because of the SEC lawsuit against Ripple. Nobody knew if XRP would be classified as a security, so exchanges delisted it.
Things changed in July 2023 when Coinbase brought XRP back after the legal situation cleared up. What we're seeing now is pent-up demand finally getting released.
Coinbase's Growing Crypto Holdings
Beyond trading fees, Coinbase holds about $1.3 billion worth of Bitcoin, putting them with the biggest corporate holders. Ethereum comes second with around $300 million, plus another $200 million in other tokens.
Their stablecoin business is also crushing it – up 44% this year despite the Fed cutting rates by 100 basis points.
Saad Ullah
