Ripple’s RLUSD treasury recorded 14,394,224 newly minted tokens on the XRP Ledger (XRPL), following a 10 million RLUSD burn on the same network and another 15 million removal from treasury supply on Ethereum. The three transactions represented about $39.4 million in mint-and-burn activity over a few days, but did not necessarily add that amount to circulating supply. Such movements can reflect issuance, redemptions and treasury liquidity management, while Ripple does not publicly disclose the customer or purpose connected to each transaction. RLUSD, a stablecoin designed to track the U.S. dollar, had a market capitalization near $2.40 billion on Sept. 11, up from roughly $2.26 billion at the beginning of September, with daily trading volume of approximately $114 million. Ethereum held roughly $1.38 billion of RLUSD versus around $1.03 billion on XRPL, a gap of about $350 million. The new XRPL mint keeps the network active as an issuance venue but does not eliminate Ethereum’s larger supply share. Ripple’s latest institutional guide says RLUSD is backed 1:1 by cash and permitted cash equivalents in segregated reserves, with redemption rights and regulatory oversight. Institutions can mint and redeem RLUSD through Ripple Mint as the company promotes the token for payments, custody, tokenization and lending. August tracker data illustrates why a treasury mint is not, by itself, evidence of new end-user demand: about $449.3 million of RLUSD was minted on XRPL over 30 days, while approximately $448.9 million was burned.