Tether announced Thursday, November 12, that KPMG U.S. completed an independent financial audit of XAUT issuer TG Commodities, delivering an unqualified opinion on its 2025 financial statements after verifying more than $2.24 billion in physical gold reserves.
KPMG physically inspected and counted every gold bar backing Tether Gold (XAUT) as part of the examination. The audit covered the financial year ending December 31, 2025, and identified 520,089.350 fine troy ounces of allocated gold valued at approximately $2.246 billion, against 520,089.300 XAUT tokens outstanding as of that date.
Audit Details and Gold Storage
An unqualified opinion means the auditor determined that the financial statements fairly represented the company's financial condition in all material respects under U.S. generally accepted accounting principles. However, the opinion does not guarantee future solvency or independently establish the issuer's current reserve holdings.
The precious metal is reportedly secured in Swiss vaults and meets London Good Delivery standards. Each XAUT represents an undivided ownership interest in physical gold associated with specifically identified bars. Tether maintains that an independent specialist conducts quarterly sample testing to validate refinery information, providing an additional examination mechanism beyond the annual financial audit.
Milestone for Stablecoin Operations
This audit follows KPMG's August 2026 unqualified audit opinion covering Tether International, the issuer of USDT, giving the company a second completed Big Four audit involving its principal stablecoin operations.
KPMG ranks among the world's Big Four accounting firms, operating an international network of professional services businesses specializing in auditing, taxation, and advisory services.
Audited historical financial statements offer different assurances from quarterly reserve disclosures. Both address asset backing, but their respective examination procedures, reporting periods, and accounting requirements are not interchangeable.
