Coinbase has recently released its second-quarter earnings report for 2025, revealing a surprising shift in trading revenue distribution. According to Bitwise’s head of research, Ryan Rasmussen, XRP has emerged as a significant contributor to Coinbase’s revenue, surpassing Ethereum despite its absence from the platform for a long period.
The data from the report indicates that XRP accounted for 13% of Coinbase’s earnings in Q2 and contributed 16% of the total revenue for the first half of the year. In comparison, Ethereum contributed 12% in Q2 and 11% in the first half. Bitcoin remained the largest revenue generator, accounting for 34% of Q2 revenue and 29% over the six-month period.
This resurgence of XRP is notable as the digital asset had been delisted from Coinbase for more than two years due to legal issues between Ripple and the US Securities and Exchange Commission (SEC). However, following a favorable court decision in 2024, XRP trading was reinstated on the platform. Since then, interest in XRP has surged, leading it to overtake USDT as the third-largest cryptocurrency by market capitalization.
Coinbase CEO Brian Armstrong has outlined the company’s vision of becoming an “everything exchange,” aiming to provide a comprehensive platform for all asset classes. This includes access to tokenized assets, integration with decentralized exchanges (DEXs), new derivatives, tokenized stocks, and early-stage crypto projects. These new features are expected to roll out in the US in the coming months.
Armstrong attributes this expansion to the evolving US crypto policy under the Donald Trump administration, which has been more supportive of innovation in the cryptocurrency space. This shift is likely to accelerate user adoption of on-chain platforms.
Danny Nelson of Bitwise highlighted Coinbase’s integration with protocols like Morpho, which has facilitated over $1 billion in BTC-backed loans on Base. He emphasized that Coinbase users value ease of access and are likely to embrace on-chain services if the process is seamless.
Overall, Coinbase’s focus on becoming an “everything exchange” reflects the growing demand for a comprehensive platform that provides access to a wide range of assets and services. The company’s strategic expansion and integration with on-chain protocols are poised to shape the future of cryptocurrency trading and financial services.