Ripple recorded another round of RLUSD treasury activity on Aug. 31, including an 11 million-token mint and a separate 11 million-token burn, as the stablecoin's circulating supply approached $2.37 billion.
Matching Mint and Burn
The transactions were reported by the Ripple Stablecoin Tracker. The matching 11 million-token mint and burn illustrate that treasury operations do not always represent net supply expansion. Viewed separately, the mint suggests growth. Considered together, the two transactions produced no net increase from those specific operations. Ripple did not identify the customer, purpose or economic relationship behind either transaction.
Supply Crosses $2.3 Billion
CoinGecko placed RLUSD's circulating supply and market capitalization at approximately $2.37 billion on Aug. 31. The stablecoin continued trading close to its intended $1 peg, meaning supply growth rather than price appreciation drove the higher valuation. RLUSD crossed $2 billion in market capitalization during August, less than two years after its December 2024 launch, with close to $1 billion issued on the XRP Ledger.
Multi-Network Expansion
Ethereum and XRP Ledger remain RLUSD's main networks. Ripple has also extended the stablecoin to Base, Ink, Optimism, Unichain and the XRPL EVM sidechain. XRP Ledger trackers placed the network's portion above 1 billion tokens after several late-August mints. Ethereum held a modestly larger amount when RLUSD crossed the $2 billion threshold.
Reserve Reporting Trails Latest Mints
Ripple's transparency page reported $1.866 billion in circulating RLUSD and $1.981 billion in reserve funds as of Aug. 20. That official snapshot predates the latest issuance. Standard Custody & Trust Company, a Ripple subsidiary supervised by the New York State Department of Financial Services, issues RLUSD. Deloitte prepares monthly attestations covering the reported circulation and reserve balances. The next attestation should offer a clearer view of whether reserve assets increased alongside the late-August supply expansion.
