Before providing clients with the granting address, the issuing company holds a treasury address. Through the contract, the tokens are minted and held in the treasury address. Once the client sends fiat currency, the clients' tokens are moved from the treasury address to the client address and the tokens are listed as being issued. Conversely, when redeeming tokens for fiat, the tokens are sent to the treasury address and redeemed. This won't be reflected in the supply unless these tokens are burned using a contract by the issuing company. The circulating supply is calculated as tokens that have been issued to clients, ignoring the supply held in the issuing company wallets.