In the second quarter of 2025, a surprising shift occurred for Coinbase : XRP, previously in the background, emerged as a key revenue driver for the exchange. This unexpected development has captured the attention of the industry.
In its quarterly report, Coinbase revealed that XRP generated 13% of its transaction revenue, positioning it ahead of Ethereum (12%). Only Bitcoin remains in the lead with 34%. During the first half of the year, XRP accounted for 16% of Coinbase’s transactional revenue, compared to 11% for ETH.
XRP’s performance in 2025 illustrates its powerful comeback, particularly thanks to regulatory clarity across the Atlantic and growing institutional adoption.
For context, XRP was delisted from Coinbase in early 2021 following the SEC’s lawsuit against Ripple. It wasn’t until 2023, after favorable judicial decisions for Ripple, that Coinbase reintegrated XRP.
Since then, interest in this Ripple-associated asset has continued to grow, particularly among North American and Asian investors. Coinbase holds $1.3 billion in BTC, $300 million in ETH, and $200 million in other assets (including XRP). Although XRP’s holdings aren’t detailed specifically, its share of revenue suggests it occupies an increasingly significant position.
Stablecoin revenue : A 44% increase despite falling interest rates. Besides Ripple, Coinbase experienced a 44% increase in stablecoin-related revenue, despite lower interest rates. This reflects the growing adoption of USDC stablecoins as payment tools and stores of value.
This spectacular reversal stems from several key factors :
With XRP’s return to the top 5 most traded tokens on Coinbase, 2025 could mark the complete rehabilitation of the asset.
XRP’s meteoric rise on Coinbase, even surpassing Ethereum, highlights a redefinition of market dynamics. More than just a temporary rebound, this may represent a strategic positioning for Coinbase and a strong signal for the global market.
For French investors, Ripple reemerges as an asset to watch closely, particularly in light of European discussions on the regulation of payment tokens.
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