KPMG Issues Clean Audit for Tether Gold Backing $2.2B in Reserves

Accounting firm KPMG issued an unqualified audit opinion on the 2025 financial statements of TG Commodities, the issuing entity behind gold-pegged stablecoin $XAUT, Tether announced on Nov. 12 ¹. The audit confirmed that the token was fully backed by physical gold as of Dec. 31, 2025 ¹.

According to Tether, TG Commodities held 520,089.350 troy ounces of allocated bullion valued at $2.246 billion at the end of 2025, corresponding to 520,089.300 XAUT tokens in circulation ¹. Tether stated that KPMG performed physical inspections and counts of every bar in Swiss vaults rather than relying solely on custodial balance confirmations ¹. Tether Chief Executive Officer Paolo Ardoino stated that the product is positioned to compete directly with traditional gold exchange-traded funds ¹. Institutional integration has expanded alongside reserve verification, following initiatives such as institutional borrowing against Tether Gold launched earlier this year.

Expansion Beyond Attestations

The review represents the second engagement completed by a Big Four auditor for the group, following KPMG's unqualified opinion on $USDT issuer Tether International in August ¹. Tether previously relied primarily on quarterly assurance reports from accounting firm BDO to verify its reserves, such as its recent attestation detailing a $1.5 billion operating profit ¹.

Chief Financial Officer Simon McWilliams said the clean opinion advances the issuer's plan to institute audits across all operating entities within the Tether corporate structure ¹. In addition to the gold backing XAUT, Tether holds separate direct gold reserves stored in a former Swiss nuclear bunker, which Ardoino indicated the company plans to continue accumulating ¹. At the time of writing, $XAUT traded at $3,867.