Tether Gold Completes KPMG Audit, Gold Reserves Reach 520,000 Ounces

On November 12 that Tether announced KPMG U.S. has completed an independent audit of TG Commodities, the issuer of Tether Gold (XAU₮), for its financial statements ending December 31, 2025, issuing an unqualified opinion. The audit confirms XAU₮ is fully backed by physical gold. This marks the second stablecoin under Tether to complete an audit by one of the Big Four accounting firms, following Tether International, the issuer of USDT, earlier this August.

During the audit, KPMG physically counted and verified each gold bar backing XAU₮, rather than relying solely on custodian confirmations. As of December 31, 2025, TG Commodities held 520,089.350 ounces of pure gold valued at $2.246 billion, corresponding to the 520,089.300 issued XAU₮ tokens.

The gold is stored in Swiss vaults and meets London Good Delivery standards, with ownership vested in token holders, where each token corresponds to an indivisible ownership stake in a specific gold bar; the company also engages an independent third party to conduct quarterly sampling inspections on the gold bars. CEO Paolo Ardoino stated that XAU₮ has the potential to become the first true competitor in the gold ETF market, citing instant liquidity and settlement, lower custody costs, and greater transparency; CFO Simon McWilliams noted that auditing the largest and most complex USDT and XAU₮ first paves the way for company-wide audits.