TG Commodities, the entity that issues Tether Gold (XAUT),has received an unqualified audit opinion from KPMG U.S. covering its financial statements for the year ended December 31, 2025. The review marks the first time the gold-backed token has undergone a full audit by one of the Big Four accounting firms.

As of the end of 2025, the audited reserves totaled 520,089.35 fine troy ounces of allocated physical gold, valued at approximately $2.246 billion. These holdings backed 520,089.30 XAUT tokens then in circulation, leaving a discrepancy of just 0.050 troy ounces.

Physical Verification of Gold Holdings

KPMG auditors conducted on-site inspections in Swiss vaults, counting and examining each individual gold bar rather than relying solely on custodian documentation. They cross-checked serial numbers and other identifying details against supporting records. The bullion meets London Good Delivery standards.

Each XAUT token represents ownership of one fine troy ounce of gold stored in these facilities. The unqualified opinion confirms that the financial statements fairly present the issuer’s position under applicable U.S. accounting standards.

Second Tether Product to Secure Big Four Review

XAUT is the second Tether Group product to complete a Big Four audit. In August 2026, KPMG issued an unqualified opinion on the 2025 financial statements of Tether International, the issuer of the dollar-pegged USDT stablecoin. That earlier review found reserves exceeded related liabilities by $6.814 billion at year-end.

Tether Chief Financial Officer Simon McWilliams stated that the company plans to extend its financial audit program across additional businesses following completion of these two engagements.

Growth in Tokenized Gold Reserves

XAUT launched in January 2020. For more than five years it operated with limited independent product-specific disclosures. The first such attestation appeared in April 2025, reporting 246,523.33 ounces of gold.

Reserves expanded steadily thereafter. By March 31, 2026, holdings reached approximately 707,747 ounces with a market value exceeding $3.3 billion, a 36 percent increase from the prior year-end. An independent report prepared by BDO as of September 30, 2026, placed total gold at 827,417.63 fine troy ounces, valued at $3.44 billion. Of the tokens outstanding on that date, 709,323.66 had been sold and 118,093.97 remained available for sale. The inventory included 2,057 large Swiss gold bars, and customer holdings rose 73 percent over the nine-month period.

The September figure represents a 59 percent increase from the audited year-end 2025 total. BDO’s report provided assurance on the reserve position as of that specific date and is separate from KPMG’s full annual financial statement audit.

Context of Expanded Reporting Practices

Tether’s shift toward comprehensive audits follows earlier regulatory scrutiny focused on its dollar-backed token. In 2021 the U.S. Commodity Futures Trading Commission ordered a $41 million payment after determining that statements about USDT being fully backed by U.S. dollars had been misleading during a multi-year period. Those findings concerned historical USDT disclosures and did not involve the physical gold supporting XAUT.

Since then the company has published regular reserve attestations and engaged major accounting firms for both quarterly reviews and full-year audits of its primary products.