Ripple mints 11M RLUSD as supply tops $2.3B

Ripple’s treasury activity on August 31 included a simultaneous mint and burn of 11 million RLUSD tokens, leaving the overall circulating supply unchanged for those specific operations.

Supply figures and market value

Data from CoinGecko on August 31 showed RLUSD’s circulating supply and market capitalization at roughly $2.37 billion. The stablecoin continued to trade near its $1 peg, meaning the higher valuation stemmed from supply growth rather than price appreciation.

Mint and burn mechanics

A mint creates tokens at an issuer‑controlled address; the tokens may stay in treasury, be transferred to an institutional customer, or support cross‑chain transfers. A burn removes tokens from supply and can be linked to redemptions, treasury rebalancing, or other internal actions. The matching 11 million‑token mint and burn on August 31 illustrate that these actions do not automatically indicate net demand or circulation changes.

Recent activity and network distribution

• August 17: Ripple minted another 10 million RLUSD on the XRP Ledger.
• August 25: Ripple announced that RLUSD’s market cap had crossed $2 billion, with close to $1 billion issued on the XRP Ledger.
• Network split: At the $2 billion milestone, RLUSD holdings were roughly evenly split between the XRP Ledger and Ethereum, with Ethereum holding a slightly larger share.

Reserve reporting and transparency

Ripple’s transparency page reported $1.866 billion circulating RLUSD and $1.981 billion in reserve assets as of August 20, predating the latest mint and burn. Reserves consist of cash and permitted cash equivalents held in segregated accounts, with monthly attestations prepared by Deloitte. These attestations are retrospective and do not provide real‑time confirmation of reserve changes.

Outlook

Future treasury transactions will reveal whether newly minted tokens move into public circulation or are offset by additional burns. The next reserve attestation will be critical to confirm that reserve assets remain above circulating liabilities as RLUSD’s supply exceeds $2 billion.