Ripple carried out another round of RLUSD treasury transactions on Aug. 31, minting 11 million RLUSD while also burning 11 million tokens on the same day.
The activity was tracked by the Ripple Stablecoin Tracker and comes after several large RLUSD transactions recorded across the XRP Ledger and Ethereum networks during the final days of August.
Despite the new mint, the matching burn means there was no net increase in supply from these specific transactions. While a mint creates new tokens, a burn removes tokens from circulation, making it difficult to determine actual market demand based solely on treasury activity.
As of Aug. 31, RLUSD’s circulating supply and market capitalization stood at approximately $2.37 billion, according to market data. The stablecoin continued to trade close to its intended $1 value, meaning the growth in market capitalization was driven by an increase in supply rather than price movement.
It is important to note that stablecoin minting does not automatically mean new demand has entered the market. Newly created tokens can remain in treasury wallets, be transferred to institutional clients, or be used to support liquidity and operations across different blockchain networks. Likewise, token burns can occur because of customer redemptions, treasury management decisions, or supply adjustments between networks.
Ripple did not disclose the purpose of the Aug. 31 transactions or identify any customers involved. As a result, the blockchain records confirm that the mint and burn occurred, but they do not reveal whether the activity was linked to new institutional demand.
RLUSD has experienced rapid growth throughout 2026. The stablecoin surpassed the $2 billion market capitalization milestone during August, less than two years after its launch in December 2024. Ripple previously announced that nearly $1 billion worth of RLUSD had been issued on the XRP Ledger alone.
Today, Ethereum and the XRP Ledger remain the two largest networks supporting RLUSD. Ripple has also expanded the stablecoin to several other blockchain ecosystems, including Base, Ink, Optimism, Unichain, and the XRPL EVM sidechain.
Ripple’s latest transparency report, published on Aug. 20, showed approximately $1.87 billion in circulating RLUSD backed by about $1.98 billion in reserve assets. However, that report was released before the recent supply growth and before RLUSD crossed the $2 billion milestone.
The stablecoin is issued by Standard Custody & Trust Company, a Ripple subsidiary regulated by the New York State Department of Financial Services. Ripple says RLUSD reserves consist of cash and cash-equivalent assets held in segregated accounts, while monthly attestations are prepared by Deloitte to verify reserve backing.
Market participants will now be watching future treasury activity and the next reserve attestation report for a clearer picture of how RLUSD’s supply growth is being supported and whether additional tokens are moving into circulation.
While RLUSD continues to expand across multiple blockchain networks, there has been no verified evidence that the latest mint and burn transactions had any direct impact on XRP’s market price. The growth of the stablecoin may increase liquidity within the XRP ecosystem, but it does not automatically translate into increased demand for XRP itself.
