Crypto Power Shift: XRP Surges Past Ethereum in Coinbase Revenue Dominance
Move over, Ethereum—there's a new revenue king on Coinbase. XRP just flipped the script in Q3 2025, leaving ETH traders eating dust as institutional money piles into Ripple's darling. Here's how the underdog became the exchange's cash cow.
### The Fee Frenzy
While Ethereum loyalists were busy arguing about gas fees, XRP quietly vacuumed up trading volume like a blockchain Hoover. Turns out banks and hedge funds prefer assets that don't require a second mortgage to move.
### Liquidity Wars
Coinbase's order books tell the story: XRP's 24-hour spreads tightened like a Wall Street banker's purse strings during a recession. Meanwhile, ETH liquidity pools got shallower than a crypto influencer's technical analysis.
### The Cynic's Corner
Let's be real—this says more about exchange economics than blockchain utility. When your business model depends on trading fees, you'll promote whatever asset makes rubes... err, retail traders... churn their portfolios. XRP's rally? Just the latest proof that in crypto, the house always wins.
$3,656 in transaction revenue on the platform. San Francisco-based Coinbase announced a total transaction revenue of $764 million, with XRP contributing 13% of that figure. Bitcoin (BTC)
$115,113 remains dominant with a 34% share, while Ethereum fell to third, capturing just 12%. Over the past six months, XRP has consistently grown its revenue share to 16%, continuing to outpace ETH.
ContentsXRP Revenue Surpasses EthereumEye-Catching Details on Bitcoin and Stablecoins
XRP Revenue Surpasses Ethereum
The report emphasizes the significant impact that the resurgence of XRP trading has had on Coinbase’s financial results during the April-June 2025 period. Following a favorable outcome in its legal battle with the SEC in July 2023, XRP saw renewed investor confidence, contributing to a rapid increase in its market share on the exchange. Experts note that the removal of legal uncertainties has bolstered purchasing interest in XRP.
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Conversely, despite a sharp rise in its price, ethereum has seen a decline in its position in Coinbase’s revenue structure. XRP’s share has climbed to 16% over six months, whereas ETH has settled at 11%. Last year’s XRP figures fell below the reporting threshold, highlighting a significant shift in Coinbase’s revenue composition.
Eye-Catching Details on Bitcoin and Stablecoins
Coinbase’s cryptocurrency holdings have also drawn attention, consisting of $1.3 billion in Bitcoin, $300 million in Ethereum, and $200 million in other coins. This portfolio places the exchange alongside institutional Bitcoin holders like Metaplanet and Riot Platforms.
Moreover, the revenue from stablecoins has seen a remarkable 44% increase compared to the previous year. Despite a cumulative 100 basis points cut by the Fed, interest-bearing products remained in demand, and assets like USD Coin (USDC) continued to appeal to investors. However, the total transaction revenue of $764 million fell slightly short of analysts’ expectations.
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