Ripple's RLUSD treasury minted and burned 11 million tokens each on Aug. 31, a matched pair of transactions that left no net change in supply. CoinGecko placed the stablecoin's circulating supply and market capitalization near $2.37 billion the same day, even as Ripple's most recent reserve report still reflects an Aug. 20 snapshot.
Matched mint and burn on Aug. 31
Ripple's RLUSD treasury addresses minted 11 million tokens and burned 11 million tokens on Aug. 31, according to the Ripple Stablecoin Tracker. Viewed alone, the mint suggests expansion. But taken 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. The ledger records confirm the transactions occurred, but they do not establish new institutional demand. A mint creates tokens at an issuer-controlled address, and those tokens may sit in treasury, move to an institutional customer or support transfers between networks rather than enter public circulation.
That pattern echoes an earlier transaction: Ripple minted 10 million RLUSD on the XRP Ledger on Aug. 17, also without disclosing the receiving customer or intended use.
Supply crossed $2 billion during August
RLUSD's circulating supply and market cap stood at approximately $2.37 billion on Aug. 31, CoinGecko data showed, with the token continuing to trade close to its $1 peg. Supply growth, not price appreciation, drove the higher valuation.
The stablecoin crossed $2 billion in market capitalization earlier in August, under two years after its December 2024 launch. Ripple confirmed the milestone on Aug. 25 and said close to $1 billion had been issued on the XRP Ledger. XRP Ledger trackers have since placed the network's portion above 1 billion tokens following several late-August mints, while Ethereum remains another major venue for the token. Ripple has also extended RLUSD to Base, Ink, Optimism, Unichain and the XRPL EVM sidechain.
Reserve report predates the latest mints
Ripple's transparency page reported $1.866 billion in circulating RLUSD against $1.981 billion in reserve funds as of Aug. 20 — a snapshot that predates the latest issuance and the $2 billion milestone. Standard Custody & Trust Company, a Ripple subsidiary supervised by the New York State Department of Financial Services, issues RLUSD, and Ripple says reserves consist of cash and permitted cash equivalents held in segregated accounts.
Deloitte prepares monthly attestations covering the reported circulation and reserve balances, but those reports are retrospective and do not confirm reserve changes after every mint or burn. The next attestation should show whether reserve assets kept pace with the late-August supply expansion.
No verified XRP price movement could be directly attributed to the RLUSD transactions. RLUSD growth may add dollar liquidity to the XRP Ledger, but it does not automatically create equivalent demand for XRP.
Source: crypto.news
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