Tether announced on November 12, 2026 that KPMG U.S. completed an independent audit of TG Commodities, S.A. de C.V., the issuer of Tether Gold (XAUT), for the year ended December 31, 2025. The audited statements show every token fully backed by allocated physical gold.
What KPMG verified
KPMG issued an unqualified opinion, meaning the financial statements present fairly, in all material respects, the company's financial position as of December 31, 2025 under US GAAP. It is the most positive outcome a company can receive from its independent auditor.
The auditor physically counted and inspected every gold bar backing XAUT, verifying the existence and identifying information of each bar rather than relying only on custodian confirmations.
Metric | Value at December 31, 2025 |
|---|---|
Allocated gold | 520,089.350 fine troy ounces |
Gold value | $2.246B |
XAUT in issue | 520,089.300 |
Location | Vaults in Switzerland |
Bar standard | London Good Delivery |
How the backing works
The gold is owned by XAUT holders, with each token representing an undivided ownership interest in gold on specified bars.
On top of the annual audit, management engages an independent third party every quarter to test a sample of bars and confirm the information reported by the refineries.
Tether's second Big Four audit
The XAUT audit follows KPMG's unqualified opinion on Tether International, S.A. de C.V., the issuer of USDT, announced in August 2026.
"In August we completed one of the largest first-time audits ever undertaken. Today we add a second unqualified opinion, this time on a balance sheet built on physical gold," said Simon McWilliams, Tether's CFO. He added that the audited figures are consistent with the reserves published every quarter and that the milestones are steps toward audits across the whole of Tether.
CEO Paolo Ardoino said "KPMG counted every single bar" and that, in his view, XAUT is on track to become the first true competitor to the gold ETF market, with lower custody costs and on-chain settlement. "The proof behind XAUT is no longer just a Tether promise. It's a signed opinion from a Big Four auditor," he added.
Reserves have grown since the audit date
The audited figures are as of December 31, 2025. On November 4, 2026, Tether reported that the gold backing XAUT reached a record $3.44B, up 59% since year-end, while customer holdings grew 73% since the start of the year.
Date | Gold backing XAUT | Source |
|---|---|---|
December 31, 2025 | $2.246B | KPMG audit |
Q3 2026 | $3.44B | Tether quarterly reporting |
