Tether Gold Issuer Gets Clean KPMG Audit of 2025 Accounts
Tether says KPMG audited TG Commodities’ 2025 accounts and inspected every gold bar backing XAUT, separately from its quarterly reserve attestations.
Key Notes
- KPMG US issued an unqualified opinion on XAUT issuer TG Commodities’ 2025 financial statements, Tether says.
- At year-end 2025, allocated gold worth $2.246 billion backed approximately 520,089.3 XAUT tokens.
- The audit is separate from quarterly reserve attestations and the earlier audit of USDT issuer Tether International.
KPMG U.S. has completed an independent audit of the 2025 financial statements of TG Commodities, the issuer of Tether Gold, and issued an unqualified opinion, Tether announced on November 12. The company says the audited accounts show XAUT fully backed by allocated physical gold.
At December 31, 2025, TG Commodities held 520,089.350 fine troy ounces of gold valued at $2.246 billion, against 520,089.300 XAUT issued. The figures provide an audited year-end baseline for comparing subsequent quarterly disclosures.
Inspecting Every Backing Gold Bar
According to Tether’s audit announcement, KPMG physically counted and inspected every individual bar backing the token. The work verified each bar’s existence and identifying information instead of relying solely on confirmations from the custodian.
The bullion is stored in Swiss vaults and meets London Good Delivery standards. XAUT holders own an undivided interest in gold on specified bars, with a full token representing one fine troy ounce. The product also offers a wallet-address lookup for checking bar allocations. Tether commissions an independent third party to test samples of bars quarterly.
Financial Statements and Quarterly Reserves
An unqualified opinion means the auditor considers the financial statements fairly presented, in all material respects, under the applicable accounting framework. In this case, Tether says the opinion covers TG Commodities’ financial position at year-end, operating results and cash flows under US generally accepted accounting principles.
That scope differs from the ongoing quarterly reserve reports. The product’s disclosure page identifies BDO Italia as the firm providing independent assurance on those reports and explains that they contain selected financial information rather than complete financial statements. Their reserve checks apply to a particular reporting date.
The later September figures, released November 4, listed 827,417.630 fine troy ounces backing an equal number of tokens. The gold was valued at approximately $3.44 billion using a reference price of $4,157.41 per ounce. The September reserve quantity was about 59% higher than at the end of 2025, according to Tether.
That total included 709,323.66 tokens sold to customers and 118,093.97 available for sale. The sold-token count measures customer holdings, while the full minted total also includes inventory available for sale. Both sets of reserve figures relate to their stated reporting dates.
Following the USDT Issuer Audit
The new opinion concerns a different issuer from Tether International, which issues USDT. KPMG’s earlier audit, announced in August, covered that company’s 2025 financial statements. The two announcements represent separate engagements, even though both businesses belong to Tether’s wider operation.
Chief Financial Officer Simon McWilliams said the gold audit advances the company’s work toward audits across the group. CEO Paolo Ardoino linked the development to his ambition for XAUT to compete with gold exchange-traded funds. He cited the token’s transferability and custody costs as reasons for pursuing that market.
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