Coinbase Q2 2025: XRP Tops Ethereum, Stablecoins Surge
Coinbase Q2 revenue for 2025 reached $764 million, slightly below analysts’ forecasts, with Bitcoin commanding a 34% share. XRP’s revenue share rose to 13% in Q2 and to 16% over H1, surpassing Ethereum’s 12% Q2 and 11% H1 shares, buoyed by its July 2023 relisting following a favorable SEC ruling. Stablecoin revenue jumped 44% year-on-year, led by USDC demand. Coinbase’s crypto treasury remained BTC-centric, holding $1.3 billion in BTC, $300 million in ETH and $200 million in other tokens. Traders may view the surge in XRP and stablecoin revenues as bullish signals, reflecting shifting market dynamics. Amid these shifts, Coinbase Q2 revenue dynamics highlight diversification in trader preferences.
Bullish
The shift in Coinbase Q2 revenue share, with XRP overtaking Ethereum and stablecoin revenue surging, suggests increased trading volume and investor interest in XRP. In the short term, heightened trading activity could drive up XRP’s price momentum as traders react to its market performance and regulatory clarity. Over the long term, sustained revenue gains backed by SEC approval may enhance investor confidence, potentially supporting further price appreciation. Conversely, stablecoin revenue growth highlights demand for low-volatility assets, underpinning market liquidity but having minimal direct impact on XRP’s price. Overall, the positive trading dynamics and expanding revenue streams point to a bullish outlook for XRP.