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KPMG issued an unqualified audit opinion on the 2025 financial statements of TG Commodities, confirming that the issuer of Tether Gold (XAUT) held 520,089.350 troy ounces of allocated gold valued at $2.246 billion at the end of 2025, according to Tether.
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The audit covers the year ended December 31, 2025. An unqualified opinion indicates that the auditor found the financial statements fairly present the company’s financial position without reservations. TG Commodities is the entity responsible for issuing XAUT, a gold-backed stablecoin where each token represents an ownership interest in specific gold bars.
Physical Verification of Gold Reserves
The audit process involved KPMG physically counting and inspecting every gold bar backing the token, rather than relying solely on confirmations from custodians, Tether said. The gold is held in vaults in Switzerland. As of the end of 2025, the number of XAUT tokens in issue was 520,089.300, matching the ounces of gold held by TG Commodities.
Tether CEO Paolo Ardoino stated that KPMG counted every single bar as part of the Tether Gold audit. Ardoino added that XAUT is on track to become the first true competitor to the gold ETF market.
Progress Toward Comprehensive Audits
This marks the second audit by a Big Four firm for Tether. In August, KPMG issued a clean opinion on Tether International, the issuer of the USDT stablecoin. Tether described the USDT audit as the largest inaugural audit in history, according to Decrypt.
Tether has previously faced criticism for relying on quarterly attestations rather than full audits. The company initially announced earlier in the year that it was being audited by a Big Four firm without naming the auditor, before confirming KPMG. Tether continues to publish quarterly attestations for USDT. The latest attestation, prepared by accounting firm BDO and covering the period to September 30, showed total reserve assets of $191.5 billion against $183.5 billion in liabilities. This resulted in an excess reserve buffer of almost $8 billion. Tether reported net operating profit of $1.5 billion in the third quarter.
Simon McWilliams, Tether’s chief financial officer, said these milestones advance the progress towards audits across the whole of Tether. Separately from the gold backing XAUT, Tether maintains its own gold reserves stored in a former nuclear bunker in Switzerland. Ardoino said the company will keep adding to its own gold stash.
Source: Decrypt
