Points in circulation are money that is not yours yet
If the dashboard shows 1.6 million points in circulation and 100 points are worth one euro, then it shows 16,000 euros your customers can redeem at any time. That figure grows every month in which more is issued than redeemed.
1On the dashboard, the Points outstanding tile shows the euro value as a liability.
A validity period caps that sum. Whatever is not redeemed within a year drops out - and with it part of a liability that otherwise never gets smaller.