Coinbase’s second quarter revenue report for 2025 revealed a surprising reform of the transaction revenue distribution.
Ryan Rasmussen, Bitwise’s research director, noted that XRP contributed more revenue to the exchange than Ethereum despite its long absence from the platform.
According to the data, XRP contributed 13% of Coinbase’s second quarter revenue and 16% of its total revenue in the first half. In contrast, Ethereum donated 12% in the second quarter and 11% in H1. Bitcoin remains the biggest contributor, earning 34% and 29% of its second quarter revenue over a six-month period.
This is a big comeback for XRP. The assets have been delisted by Coinbase for more than two years due to Ripple’s legal battle with the Securities and Exchange Commission (SEC).
Following a favorable court decision, Coinbase revived the XRP transaction in 2024. Since then, interest in tokens has skyrocketed, with XRP overtaking USDT as the third largest cryptocurrency by market capitalization.
All exchanges
Coinbase CEO Brian Armstrong used this report to outline the company’s goal of evolving into “Everything Exchange,” a one-stop platform for all asset classes.
According to him, Crypto Exchange will be a platform that allows users to access all tokenized assets in one place. Future features include integration with distributed exchange (DEX), new derivatives, tokenized inventory, and early stage cryptographic projects.
These offerings are reportedly rolling out in the US over the next few months. Armstrong linked the expansion to a wider change in US crypto policy under the Donald Trump administration.
This move could accelerate the transition of users to on-chain platforms.
Bitwise’s Danny Nelson has already powered the base with over $1 billion in BTC-backed loans, showing how quickly users will accept frictionless on-chain services.
He added:
“Coinbase users value ease of access. If you remove it, it becomes an on-chain of jumps.”
