Tether, a leading stablecoin issuer known for its USDT token, announced on November 12 that TG Commodities Limited, the company responsible for Tether Gold (XAUT), received an unqualified audit opinion from KPMG U.S. on its 2025 financial statements.
KPMG conducts physical gold verification
KPMG U.S., one of the Big Four accounting firms, audited TG Commodities’ financial reports for the year ended December 31, 2025. The unqualified opinion confirms that the financial statements are fairly presented according to U.S. accounting standards. The process focused on verifying the accuracy and transparency of recording and valuing the physical gold reserves backing XAUT tokens.
Tether stated that KPMG auditors physically inspected and counted each individual gold bar stored in Swiss vaults to back XAUT tokens, rather than solely relying on custodian reports. Every gold bar’s identifying information was verified during the audit process.
At the end of 2025, custodians held 520,089.350 fine troy ounces of allocated gold, valued at approximately $2.246 billion. This reserve backed 520,089.300 XAUT tokens in circulation, resulting in a minimal discrepancy of 0.050 troy ounces between gold holdings and token issuance.
These reserves were stored in facilities that meet London Good Delivery standards, ensuring the gold’s quality and authenticity. Each XAUT token represents an undivided interest in these specific gold bars, with quarterly third-party inspections validating the reserves as an added security measure.
Mini dictionary: KPMG is a multinational professional services firm headquartered in the Netherlands, and is considered one of the “Big Four” accounting firms worldwide. Its audit opinions are highly respected in financial markets for the credibility and transparency they provide on corporate financial statements.
Gold reserves grow significantly in 2026
Tether also published a newer reserve report, independently prepared by BDO, another major audit and assurance provider. For September 30, 2026, BDO reported the total gold reserves securing XAUT grew to 827,417.630 fine troy ounces. At this time, the valuation of these reserves reached $3.44 billion, reflecting a significant increase compared to year-end 2025.
| Date | Fine Troy Ounces of Gold | XAUT Tokens Issued | Reported Value |
|---|---|---|---|
| Dec 31, 2025 | 520,089.350 | 520,089.300 | $2.246 billion |
| Sep 30, 2026 | 827,417.630 | 827,417.630 | $3.44 billion |
Between these two dates, Tether reported a 59% rise in reserves, as well as an increase in large bar inventory, reaching a total of 2,057 large Swiss gold bars. The available data showed 709,323.660 tokens sold and 118,093.970 remaining for sale as of September. Tether also reported a 73% increase in customer holdings during this period.
BDO’s report offered reasonable assurance about the accuracy of the September 2026 reserve snapshot, but it applied specifically to this date and is distinct from KPMG’s comprehensive annual audit approach.
An earlier report for the first quarter of 2026 pointed to a 36% increase in XAUT reserves, underlining ongoing growth within the tokenized precious metals sector. The most recent BDO certification extends this growth trajectory further into 2026.
Tether secures audit milestone for both gold and dollar stablecoins
In August, Tether separately announced that Tether International, another Tether Group entity and the issuer of USDT, received an unqualified KPMG opinion for its 2025 financial statements. This marks a notable achievement for the company, which now has independent audit approvals for both its gold-backed XAUT and dollar-backed USDT products.
TG Commodities Limited primarily issues Tether Gold (XAUT), a digital token representing direct ownership of physical gold bars stored in secure Swiss vaults. Tether International, on the other hand, is responsible for the widely used USDT stablecoin, pegged to the U.S. dollar.
These developments underscore Tether’s efforts to enhance transparency and strengthen investor confidence in asset-backed stablecoins by obtaining audit opinions from globally recognized accounting firms.
