• XRP surpassed Ethereum on Coinbase in Q2 2025, claiming a 13% transaction revenue share vs. ETH’s 12%.
• XRP contributed 16% of revenue in H1 2025, up from near-zero last year, driven by its 2023 re-listing.
• Coinbase holds $1.3B in Bitcoin, showing strong BTC preference, while XRP sees limited treasury allocation.

Ripple (XRP) beat Ethereum (ETH) in transaction revenue share of Coinbase in the second quarter of 2025, in a historic shift of sentiment in one of the world’s foremost cryptocurrency markets. Quarter-over-quarter transaction revenue on Coinbase attained $764 million, down fractionally from where analysts had predicted, but an important shift of user activity in favor of Ripple’s token.

According to the Q2 earnings report of Coinbase, the token contributed 13% of all transaction revenue. It was only surpassed by BTC, whose contribution was 34%. With Ethereum’s huge increases in terms of price as well as adoption, it ranked third on the chart with a 12% share of revenue.

If we regard the first half of 2025, the superiority of the token is more evident. It contributed 16% of the transaction income of Coinbase in H1 2025 compared with 11% generated by Ethereum.

As recently as twelve months ago, XRP’s revenue share was far too small to be recorded separately. The bulk of the gain can be attributed to the re-listing of XRP on Coinbase in July 2023, after having delisted it in 2021 due to the SEC vs. Ripple court case.

XRP Sees Limited Allocation as Coinbase Grows Bitcoin Holdings

Recently, Coinbase also disclosed its new crypto treasury with a clear bias towards Bitcoin. The company now holds 1.3 billion BTC, solidifying the company as one of the top 10 corporate BTC holders, including companies like Metaplanet and Riot Platforms.

Holding of Ethereum is equivalent to about $300 million, while other altcoins contribute an additional $200 million to the treasury. The combined holdings stand as a testament to Coinbase’s persistent belief in the long-term store of value in Bitcoin.

Aside from asset allocation, Coinbase recorded 44% year-over-year stablecoin income growth. The income growth is all the more significant as the Federal Reserve has made 100 basis points of rate cuts within the last year, scenarios that would otherwise dampen stablecoin income.

However, the company’s expanding list of integrations with USDC and custody solutions has offset those strains, allowing the company to maintain high returns with its stablecoin solutions.

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XRP Rally Challenges Ethereum’s Dominance

XRP’s strong Q2 showing on Coinbase is part of a broader change in sentiment. With regulatory problems with Ripple still present but receding and demand building on the part of retail and institutional investors, the token is increasingly challenging Ethereum’s long-established position as the most-traded crypto on primary venues.

Bitcoin remains Coinbase’s top producer, but the recent rally of XRP points towards a more diverse and competitive marketplace by 2025. Investors and commentators alike will be watching intently whether XRP’s rally is maintained or Ethereum reclaims past dominance over the next few quarters.

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