- KPMG physically inspected every gold bar backing XAU₮ and issued an unqualified audit opinion.
- TG Commodities held $2.246 billion in allocated gold against 520,089.300 XAU₮ tokens in circulation.
- XAU₮ becomes Tether’s second stablecoin to complete a Big Four audit following USDT.
Tether Gold has received an unqualified audit opinion from KPMG U.S. after the accounting firm inspected every gold bar backing XAU₮. TG Commodities’ 2025 financial statements show $2.246 billion in allocated physical gold against 520,089.300 tokens in circulation. The audit covered the year ended December 31, 2025, making XAU₮ Tether’s second stablecoin to complete a Big Four audit.
KPMG Verifies Gold Reserves Behind XAU₮
According to Tether, KPMG issued an unqualified opinion, confirming that TG Commodities’ financial statements fairly represent its financial position. The assessment followed U.S. generally accepted accounting principles and covered the company’s financial position, operations and cash flows.
Notably, KPMG physically counted and inspected every individual gold bar rather than relying solely on custodian confirmations. Its findings showed that TG Commodities held 520,089.350 fine troy ounces of allocated gold.
The holdings carried a valuation of $2.246 billion, compared with 520,089.300 XAU₮ tokens issued. The company stores the gold in Swiss vaults, where the bars meet London Good Delivery standards.
Each XAU₮ Token Represents Ownership of Gold
Tether also confirmed that the physical gold belongs to XAU₮ holders. Each token represents an undivided ownership interest in gold held in specified bars. Additionally, management appoints a qualified independent third party to examine a sample of the bars quarterly.
These inspections verify information supplied by the refineries. Tether CEO Paolo Ardoino said KPMG counted every bar during the audit. He also described XAU₮ as a potential competitor to gold ETFs.
Ardoino cited blockchain settlement, lower custody costs and greater transparency among the features behind his assessment. He added that token holders deserve clear evidence of their underlying gold ownership.
KPMG Previously Audited Tether’s USD₮ Issuer
The latest audit follows KPMG’s August 2026 examination of Tether International, S.A. de C.V., the issuer of USD₮.
Tether CFO Simon McWilliams said the company had secured two unqualified audit opinions. He noted that its strategy began with USD₮ and XAU₮, its largest and most complex businesses.
McWilliams added that the audited figures remain consistent with Tether’s quarterly reserve disclosures. Ardoino also said the gold-backed token brings physical gold ownership onto the blockchain for individual savers and institutions.
