diff --git a/.changelog/unreleased/bug-fixes/3375-masp-total-rewards.md b/.changelog/unreleased/bug-fixes/3375-masp-total-rewards.md
new file mode 100644
index 0000000000..05acb7961b
--- /dev/null
+++ b/.changelog/unreleased/bug-fixes/3375-masp-total-rewards.md
@@ -0,0 +1,2 @@
+- Update native token total supply with MASP rewards.
+  ([\#3375](https://github.com/anoma/namada/pull/3375))
\ No newline at end of file
diff --git a/.changelog/unreleased/improvements/3375-masp-total-rewards.md b/.changelog/unreleased/improvements/3375-masp-total-rewards.md
new file mode 100644
index 0000000000..e5f18700c0
--- /dev/null
+++ b/.changelog/unreleased/improvements/3375-masp-total-rewards.md
@@ -0,0 +1,2 @@
+- Store total MASP rewards and print them in the conversions query.
+  ([\#3375](https://github.com/anoma/namada/pull/3375))
\ No newline at end of file
diff --git a/crates/apps_lib/src/client/rpc.rs b/crates/apps_lib/src/client/rpc.rs
index 941fa83444..e2359a7015 100644
--- a/crates/apps_lib/src/client/rpc.rs
+++ b/crates/apps_lib/src/client/rpc.rs
@@ -1707,6 +1707,19 @@ pub async fn query_conversions(
 ) {
     // The chosen token type of the conversions
     let target_token = args.token;
+
+    if target_token.as_ref().is_none() {
+        // Query and print the total rewards first
+        let total_rewards = rpc::query_masp_total_rewards(context.client())
+            .await
+            .expect("MASP total rewards should be present");
+        display!(
+            context.io(),
+            "Total rewards of native token minted for shielded pool: {}",
+            total_rewards.to_string_native()
+        );
+    }
+
     // To facilitate human readable token addresses
     let tokens = context
         .wallet()
diff --git a/crates/sdk/src/queries/vp/token.rs b/crates/sdk/src/queries/vp/token.rs
index 18e994ebc9..89d8a15e55 100644
--- a/crates/sdk/src/queries/vp/token.rs
+++ b/crates/sdk/src/queries/vp/token.rs
@@ -49,7 +49,7 @@ pub mod client_only_methods {
     use borsh::BorshDeserialize;
     use namada_core::address::Address;
     use namada_core::token;
-    use namada_token::storage_key::balance_key;
+    use namada_token::storage_key::{balance_key, masp_total_rewards};
 
     use super::Token;
     use crate::queries::{Client, RPC};
@@ -79,5 +79,28 @@ pub mod client_only_methods {
             };
             Ok(balance)
         }
+
+        /// Get the total rewards minted by MASP.
+        pub async fn masp_total_rewards<CLIENT>(
+            &self,
+            client: &CLIENT,
+        ) -> Result<token::Amount, <CLIENT as Client>::Error>
+        where
+            CLIENT: Client + Sync,
+        {
+            let total_rewards_key = masp_total_rewards();
+            let response = RPC
+                .shell()
+                .storage_value(client, None, None, false, &total_rewards_key)
+                .await?;
+
+            let tokens = if response.data.is_empty() {
+                token::Amount::zero()
+            } else {
+                token::Amount::try_from_slice(&response.data)
+                    .unwrap_or_default()
+            };
+            Ok(tokens)
+        }
     }
 }
diff --git a/crates/sdk/src/rpc.rs b/crates/sdk/src/rpc.rs
index 873addfd36..7523227ce1 100644
--- a/crates/sdk/src/rpc.rs
+++ b/crates/sdk/src/rpc.rs
@@ -347,6 +347,13 @@ pub async fn query_conversions<C: crate::queries::Client + Sync>(
     convert_response::<C, _>(RPC.shell().read_conversions(client).await)
 }
 
+/// Query the total rewards minted by MASP
+pub async fn query_masp_total_rewards<C: crate::queries::Client + Sync>(
+    client: &C,
+) -> Result<token::Amount, error::Error> {
+    convert_response::<C, _>(RPC.vp().token().masp_total_rewards(client).await)
+}
+
 /// Query to read the tokens that earn masp rewards.
 pub async fn query_masp_reward_tokens<C: crate::queries::Client + Sync>(
     client: &C,
diff --git a/crates/shielded_token/src/conversion.rs b/crates/shielded_token/src/conversion.rs
index a8e009ac78..e53c72814a 100644
--- a/crates/shielded_token/src/conversion.rs
+++ b/crates/shielded_token/src/conversion.rs
@@ -254,13 +254,14 @@ where
     use namada_parameters as parameters;
     use namada_storage::conversion_state::ConversionLeaf;
     use namada_storage::{Error, OptionExt, ResultExt};
-    use namada_trans_token::storage_key::balance_key;
     use namada_trans_token::{MaspDigitPos, NATIVE_MAX_DECIMAL_PLACES};
     use rayon::iter::{
         IndexedParallelIterator, IntoParallelIterator, ParallelIterator,
     };
     use rayon::prelude::ParallelSlice;
 
+    use crate::mint_rewards;
+
     // The derived conversions will be placed in MASP address space
     let masp_addr = MASP;
 
@@ -566,12 +567,8 @@ where
 
     // Update the MASP's transparent reward token balance to ensure that it
     // is sufficiently backed to redeem rewards
-    let reward_key = balance_key(&native_token, &masp_addr);
-    let addr_bal: Amount = storage.read(&reward_key)?.unwrap_or_default();
-    let new_bal = addr_bal
-        .checked_add(total_reward)
-        .ok_or_else(|| Error::new_const("Balance with reward overflow"))?;
-    storage.write(&reward_key, new_bal)?;
+    mint_rewards(storage, total_reward)?;
+
     // Try to distribute Merkle tree construction as evenly as possible
     // across multiple cores
     // Merkle trees must have exactly 2^n leaves to be mergeable
diff --git a/crates/shielded_token/src/storage.rs b/crates/shielded_token/src/storage.rs
index 0b91da75a9..bddfcb7731 100644
--- a/crates/shielded_token/src/storage.rs
+++ b/crates/shielded_token/src/storage.rs
@@ -1,10 +1,11 @@
-use namada_core::address::Address;
+use namada_core::address::{self, Address};
 use namada_core::arith::checked;
 use namada_core::token;
 use namada_core::token::Amount;
 use namada_core::uint::Uint;
 use namada_storage as storage;
 use namada_storage::{StorageRead, StorageWrite};
+use namada_trans_token::credit_tokens;
 use storage::ResultExt;
 
 use crate::storage_key::*;
@@ -40,3 +41,31 @@ where
     storage.write(&masp_locked_amount_target_key(address), raw_target)?;
     Ok(())
 }
+
+/// Mint MASP rewards tokens and increment the stored total rewards.
+pub fn mint_rewards<S>(
+    storage: &mut S,
+    amount: token::Amount,
+) -> storage::Result<()>
+where
+    S: StorageRead + StorageWrite,
+{
+    let native_token = storage.get_native_token()?;
+    credit_tokens(storage, &native_token, &address::MASP, amount)?;
+
+    let total_rewards_key = masp_total_rewards();
+    let mut total_rewards = read_total_rewards(storage)?;
+    checked!(total_rewards += amount)?;
+    storage.write(&total_rewards_key, total_rewards)
+}
+
+/// Read the total rewards minted by MASP.
+pub fn read_total_rewards<S>(storage: &S) -> storage::Result<token::Amount>
+where
+    S: StorageRead,
+{
+    let total_rewards_key = masp_total_rewards();
+    let total_rewards: token::Amount =
+        storage.read(&total_rewards_key)?.unwrap_or_default();
+    Ok(total_rewards)
+}
diff --git a/crates/shielded_token/src/storage_key.rs b/crates/shielded_token/src/storage_key.rs
index f584ab7fff..df558b2e9e 100644
--- a/crates/shielded_token/src/storage_key.rs
+++ b/crates/shielded_token/src/storage_key.rs
@@ -32,6 +32,8 @@ pub const MASP_KD_GAIN_KEY: &str = "derivative_gain";
 pub const MASP_LOCKED_AMOUNT_TARGET_KEY: &str = "locked_amount_target";
 /// The key for the max reward rate for a given asset
 pub const MASP_MAX_REWARD_RATE_KEY: &str = "max_reward_rate";
+/// The key for the total inflation rewards minted by MASP
+pub const MASP_TOTAL_REWARDS: &str = "max_total_rewards";
 
 /// Obtain the nominal proportional key for the given token
 pub fn masp_kp_gain_key(token_addr: &Address) -> storage::Key {
@@ -163,3 +165,10 @@ pub fn masp_assets_hash_key() -> storage::Key {
         .push(&MASP_ASSETS_HASH_KEY.to_owned())
         .expect("Cannot obtain a storage key")
 }
+
+/// The max reward rate key for the given token
+pub fn masp_total_rewards() -> storage::Key {
+    storage::Key::from(address::MASP.to_db_key())
+        .push(&MASP_TOTAL_REWARDS.to_owned())
+        .expect("Cannot obtain a storage key")
+}