KPMG gives Tether Gold's issuer a clean audit for 2025, Tether says
Tether says the audited statements show 520,089 ounces of gold, worth $2.246 billion, behind the XAU₮ token at the end of 2025. The token's backing has grown since, and the newer figures are unaudited.
Tether said on Thursday, November 12, 2026, that KPMG has completed an audit of the 2025 financial statements of TG Commodities, the company that issues the gold-backed token Tether Gold (XAU₮), and gave an unqualified opinion. The audited statements show the token fully backed by physical gold at the end of 2025, according to Tether's announcement.
What the audit covers
An unqualified opinion means the auditor found that the financial statements present the company's position fairly in all material respects. Here the statements are those of TG Commodities, S.A. de C.V., for the year ended December 31, 2025, prepared under US accounting rules, Tether said.
The gold is held in vaults in Switzerland and meets London Good Delivery standards, according to the announcement. Each token represents an ownership interest in gold on specified bars, Tether said. It added that an independent third party tests a sample of the bars every quarter.
We read Tether's announcement. We did not read the audited statements or KPMG's opinion, which the announcement does not link to, and we found no statement from KPMG about this audit.
Why it matters
Tether is best known for its dollar stablecoin USDT, and for years it published regular attestations of its reserves, which are point-in-time checks and not full audits. Tether first promised a full financial audit in 2017, The Block reported in August. "In August we completed one of the largest first-time audits ever undertaken. Today we add a second unqualified opinion, this time on a balance sheet built on physical gold," Chief Financial Officer Simon McWilliams said in the announcement.
The opinion is about a date that is more than 10 months old. Since then the token has grown: Tether said on November 4 that the gold backing XAU₮ had reached $3.44 billion as of September 30, 2026. That newer figure is not covered by the audit. We covered the group's latest quarterly numbers in Tether's third-quarter report.
What it could mean for traders
In our assessment, the audit as Tether describes it addresses one question for the end of 2025: whether the gold was there. It does not cover today's larger balance, the token's price in the market, or the rest of the Tether group. Chief Executive Paolo Ardoino said in the announcement that he expects XAU₮ to compete with gold exchange-traded funds; that is the company's ambition, not a result.
Sources
- Tether — Tether Gold (XAU₮) Becomes Tether's Second Stablecoin to Complete a Big Four Audit (November 12, 2026)
- Tether — Tether Gold Reserves Grow 59% Since Year-End as XAU₮ Backing Reaches Record US$ 3.44 Billion (November 4, 2026)
- The Block — Tether says KPMG issued 'clean' opinion in first full audit of USDT issuer's financials (August 13, 2026)
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