Ripple recorded an 11 million RLUSD mint and a separate 11 million-token burn at treasury addresses on Aug. 31, 2026, according to the Ripple Stablecoin Tracker. The matching operations produced no net increase from those transactions alone, underscoring that a treasury mint does not by itself prove public circulation, customer demand or completed issuance. CoinGecko placed RLUSD’s circulating supply and market capitalization at approximately $2.37 billion that day. Because the stablecoin continued trading near its intended $1 peg, the higher valuation reflected supply growth rather than price appreciation. Ripple previously reported $1.866 billion in circulating RLUSD and $1.981 billion in reserves as of Aug. 20, a snapshot that predates the latest activity. Standard Custody & Trust Company, a Ripple subsidiary supervised by the New York State Department of Financial Services, issues RLUSD. Ripple says its reserves comprise cash and permitted cash equivalents held in segregated accounts, while Deloitte prepares monthly attestations. Those reports are retrospective rather than real-time. RLUSD crossed $2 billion in market capitalization during August, less than two years after its December 2024 launch; Ripple confirmed the milestone on Aug. 25 and said nearly $1 billion had been issued on the XRP Ledger. Ethereum and the XRP Ledger remain the principal networks, with additional deployments on Base, Ink, Optimism, Unichain and the XRPL EVM sidechain. Further treasury transfers and the next reserve report will help show whether late-August mints entered circulation and whether reserve assets remained above circulating liabilities. The transactions have not been directly linked to any verified XRP price movement, and RLUSD growth does not automatically create equivalent demand for XRP.