Tether said that KPMG U.S. completed an independent audit of TG Commodities, the issuer of Tether Gold (XAU₮), and issued an unqualified opinion on its financial statements as of December 31, 2025. According to Tether, the audit found XAU₮ fully backed by physical gold.
The reported figures show how the token supply relates to the reserve: TG Commodities held 520,089.350 ounces of pure gold, valued at $2.246 billion, against 520,089.300 XAU₮ tokens issued as of December 31, 2025. KPMG physically counted and inspected every gold bar backing XAU₮ rather than relying only on the custodian’s confirmation.
The gold is held in Swiss vaults and meets London Good Delivery standards. The report says tokenholders own the gold, with each token representing an undivided ownership interest in specific bars. TG Commodities also engages an independent third party to sample-test the bars quarterly. XAU₮ is therefore described as a claim tied to gold, not ownership of Tether as a company.
Tether said this was the second of its stablecoins to undergo an audit by a Big Four accounting firm, following USDT issuer Tether International in August 2026. CEO Paolo Ardoino said XAU₮ could become a competitor to gold ETFs, citing immediate transfer and settlement, lower custody costs and greater transparency. Those are his expectations, not findings established by the audit. CFO Simon McWilliams said auditing USDT and XAU₮ first—Tether’s largest and most structurally complex products—was intended to pave the way for an audit of the whole company.
Originally published by TechFlow on November 12, 2026, at 21:12:24 UTC+08:00. Read the original report.