Daily supply verification
Every working day, we verify that every token in circulation is backed by fiat in reserve. This is our primary control against a MiCA breach and the process behind the supply figures we publish publicly.
What happens each day
- Verification starts — either Compliance clicks "Start Verification" or a scheduled job fires (suggested: 09:00 CET).
- Treasury provides the fiat balance — TR enters the current reserve balance from bank statements. This should happen within 2 hours. If a bank API is connected, this step can auto-complete.
- System pulls on-chain supply — the backoffice queries the blockchain for the total encrypted supply (a running counter updated with every mint, burn, and cross-layer transfer), decrypts it, and retrieves the public supply.
- Automated checks run — three checks compare the fiat and on-chain data:
- Total token supply does not exceed fiat reserves (the core MiCA requirement)
- Public supply + encrypted supply = total supply (internal consistency)
- Net change reconciliation (yesterday's total + mints - burns = today's total)
- Compliance reviews — even if all checks pass, CO reviews the full picture before publication. Automated checks catch mathematical errors but not every anomaly (unusual patterns, timing issues, pending holds). CO approves or rejects.
- Publication — on CO approval, verified supply figures are automatically published on the public website.
Your role
Treasury (TR): Enter the fiat balance after the verification is triggered. This is a daily task — check the backoffice after cut-off.
Compliance (CO): Review passed verifications before publication. Look at the numbers, the check results, and mint/burn activity since the last run. If something looks off — even if the automated checks passed — reject it and investigate. You also handle failed verifications: investigate the root cause, fix it, and trigger a new run.
Head of Operations (HO): You own this process. You are the escalation point if verification is stuck or a failure goes unresolved.
When checks fail
No supply figures are published until a clean run completes. CO investigates the failure (expected vs. actual values are shown in the backoffice), resolves the issue, and triggers a new verification. The failed record is kept for audit — it's never deleted, just linked to the new run that replaces it.
Target timeline
Verification runs after the daily cut-off (16:00 CET), so all same-day mints and burns are captured.
| Milestone | Target |
|---|---|
| Cut-off | 16:00 CET |
| Verification triggered | 16:15 CET |
| TR provides fiat balance | By 16:30 CET |
| CO reviews | By 17:00 CET |
| Published | By 17:15 CET |