XRP has overtaken ethereum as Coinbase’s top revenue-generating asset, fueled by surging trading volumes, regulatory clarity, and an aggressive expansion into U.S. crypto derivatives.
XRP Overtakes ETH on Coinbase as Revenue Surges and Futures Catch Fire
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XRP Tops ETH on Coinbase With Blazing Revenue and a Derivatives Wave Incoming
Crypto exchange Coinbase (Nasdaq: COIN) disclosed in its Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC) on July 31 that XRP surpassed ethereum in trading revenue for the first half of the year. XRP accounted for 16% of total transaction revenue through June 30, overtaking ethereum’s 15%.
The change reflects not only increased spot trading activity but also regulatory clarity. Bitwise Asset Management’s head of research, Ryan Rasmussen, commented on social media platform X:
Wow, XRP trading accounted for more of Coinbase’s trading revenue this year than ETH trading. Last year XRP wasn’t even broken out.
Coinbase had delisted XRP in 2021 following the SEC’s lawsuit against Ripple, citing regulatory uncertainty. The crypto asset was relisted in 2023 after a federal court ruled that XRP was not a security when sold on exchanges, allowing trading to resume. The subsequent rebound in XRP activity has been pronounced, with the token contributing 13% of Q2 transaction revenue—again ahead of ethereum’s 12%.
The expansion of XRP-related products has further accelerated this momentum. In its Q2 2025 shareholder letter, Coinbase emphasized the growth of its derivatives platform, stating: “Over the past two years, 75% of global crypto trading volume has come from derivatives, yet the U.S. market makes up only a fraction of this volume, which presents a significant growth opportunity.” The crypto firm described that Coinbase Derivatives is now “the first U.S. regulated futures exchange to offer 24/7 futures trading for BTC, ETH, SOL, and XRP, with weekend volumes now approaching weekday volumes.”
Additionally, Coinbase Institutional has announced that nano XRP U.S. perpetual-style futures will launch on Coinbase Derivatives on Aug. 18. The company said the addition expands its suite of perpetual-style products aimed at broadening market access for U.S. investors.
