Tether Gold passes KPMG audit, confirming full gold backing for XAU₮

Tether Gold just got the kind of report card that crypto issuers rarely bring home: a clean audit from a Big Four accounting firm.

KPMG U.S. issued an unqualified audit opinion on the financial statements of TG Commodities, S.A. de C.V., the issuer of Tether Gold (XAU₮), for the year ended December 31, 2025. The verdict confirms the token was fully backed by allocated physical gold.

What KPMG actually checked

An unqualified opinion is the accounting world’s version of a clean bill of health. It means the auditor found the financial statements fairly presented under US generally accepted accounting principles, with no caveats attached.

As of December 31, 2025, there were 520,089.300 XAU₮ tokens in circulation. Backing those tokens sat 520,089.350 fine troy ounces of allocated physical gold. That reserve was valued at approximately $2.246 billion.

Each XAU₮ token is designed to represent one fine troy ounce of gold. The gold is held in certified Swiss vaults and meets London Good Delivery standards.

Rather than relying on reports from third-party custodians, KPMG physically counted every individual gold bar supporting XAU₮. It also verified each bar’s existence and serial number on-site.

Tether’s second Big Four audit

XAU₮ is now the second Tether product to complete a full financial statement audit by a Big Four firm. The first was Tether International, the issuer of USDT, which received an unqualified opinion on August 13, 2026.

Tether also reported ongoing quarterly attestations performed by BDO Italia. A quarterly attestation generally confirms reserves at a specific point in time. A full audit examines the financial statements as a whole, which is a heavier lift and carries more weight with institutional observers.

The largest tokenized gold product, and growing

Tether Gold is the largest tokenized gold product by market value. Reserves reportedly exceeded 827,000 ounces by the third quarter of 2026, compared with the 520,089.350 ounces verified at the end of 2025.

What this means

For holders of XAU₮, the audit answers the most important question in tokenized commodities: is the gold actually there? A bar-by-bar physical count by KPMG is about as strong an answer as the industry currently offers.

There is a timing caveat worth noting. The audit covers the year ended December 31, 2025, when reserves stood at roughly half a million ounces. The reported growth to over 827,000 ounces by the third quarter of 2026 falls outside that audited window. Holders tracking the newer reserves will be relying on the quarterly BDO Italia attestations until the next full audit lands.