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 audit confirms that the token was fully backed by allocated physical gold.
An unqualified audit opinion indicates that the auditor found the financial statements fairly presented under US generally accepted accounting principles, with no caveats or qualifications attached.
Audit Details
As of December 31, 2025, there were 520,089.300 XAU₮ tokens in circulation, backed by 520,089.350 fine troy ounces of allocated physical gold valued at approximately $2.246 billion. Each XAU₮ token represents one fine troy ounce of gold.
The gold is held in certified Swiss vaults and meets London Good Delivery standards. Rather than relying on third-party custodian reports, KPMG physically counted every individual gold bar, verifying each bar's existence and serial number on-site.
Significance in Tether's Audit History
XAU₮ is the second Tether product to complete a full financial statement audit by a Big Four firm. Tether International, the issuer of USDT, received an unqualified opinion on August 13, 2026. Tether also reported ongoing quarterly attestations performed by BDO Italia, which confirm reserves at specific points in time but differ from full financial statement audits.
Market Position
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.
Key Consideration
The audit covers the year ended December 31, 2025, when reserves stood at approximately 520,000 ounces. The reported growth to over 827,000 ounces by the third quarter of 2026 falls outside the audited period, with holders relying on quarterly BDO Italia attestations until the next full audit is completed.
