The Coinbase Q2 2025 earnings report revealed that XRP brought in more revenue for the exchange than Ethereum did in the quarter.
Interestingly, XRP achieved this impressive feat despite having a smaller share of trading volume. Notably, only Bitcoin generated more revenue than XRP, placing the token in a strong second position.
Coinbase Q2 2025 Earnings Report Reveals Revenue Declines
Data from the Coinbase Q2 2025 earnings report indicates that in the three months ending June 2025, the exchange reported total revenue of $1.5 billion, down 26% from the previous quarter. In addition, transaction revenue dropped to $764 million, a 39% decline quarter-over-quarter. Meanwhile, trading volume slid 40% to $237 billion.
According to the company, most of this decline came from a drop in stablecoin pair trading, following a pricing adjustment Coinbase made in March to change its stablecoin strategy.
In addition, consumer activity dropped across the board. Specifically, consumer trading volume fell 45% to $43 billion, and revenue from that segment slid 41% to $650 million. Institutional trading also slowed, with volume dropping 38% to $194 billion and revenue falling by the same percentage to $61 million.
Meanwhile, Coinbase earned $54 million in “other transaction revenue,” which includes staking, subscriptions, and blockchain rewards.
XRP Accounts for Second-Largest Revenue Share
Notably, amid these discouraging figures, XRP stood out. It accounted for 13% of Coinbase’s transaction revenue, more than Ethereum’s 12%. XRP reached that mark even though its trading volume didn’t reach the 10% reporting threshold.
In contrast, Ethereum made up 15% of the total trading volume. Bitcoin led both categories, taking 34% of transaction revenue and 30% of trading volume. Solana didn’t break the 10% threshold for either metric, and USDT also stayed below that range.
Coinbase’s Historical Relationship with XRP
XRP’s current success on Coinbase comes after years of ups and downs. The exchange first listed XRP in February 2019 after deciding it didn’t qualify as a security. However, in December 2020, the SEC sued Ripple, claiming XRP was an unregistered security. In response, Coinbase suspended trading in January 2021, though users could still store the token in their wallets.
Nonetheless, Coinbase removed XRP from its Wallet product two years later due to low usage. Interestingly, after Judge Analisa Torres ruled in July 2023 that XRP was not a security in itself, Coinbase brought XRP back for trading. Today, it’s accounting for most of its transaction revenue.
Notably, after relisting XRP two years back, Coinbase took things further in XRP when it filed with the CFTC to launch XRP futures contracts and began trading them later that same month.
At press time, XRP ranks as the third most traded asset on Coinbase, with a 24-hour volume of $280.33 million, or 9.78% of the platform’s total. Bitcoin and Ethereum take the top two spots.
Meanwhile, on Korea’s leading exchange, Upbit, XRP sees even stronger demand. It leads all assets with $529.46 million in daily volume, making up 17.38% of the platform’s trading. Strike holds second place, followed by Ethereum and Bitcoin.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
