Tether announced on Thursday that KPMG U.S. has completed an independent audit of the 2025 financial statements of TG Commodities, the issuer of its gold-backed token XAUT. The Big Four accounting firm issued an unqualified, or “clean,” opinion, meaning the accounts fairly present the company’s financial position without reservations.
According to Tether, KPMG physically inspected and counted every gold bar backing XAUT, verifying identifying information on each one. As of December 31, 2025, TG Commodities held 520,089.350 fine troy ounces of gold worth $2.246 billion, against 520,089.300 XAUT in circulation. The allocated gold is stored in vaults in Switzerland, and each token represents an undivided ownership interest in specific bars.
The XAUT audit is Tether’s second completed by a Big Four firm. In August, KPMG issued a clean opinion on Tether International, the issuer of USDT. Tether Chief Financial Officer Simon McWilliams said the strategy was deliberate: start with the largest and most complex businesses, USDT and XAUT, and set the standard for the industry. CEO Paolo Ardoino added that KPMG counted every single bar and that XAUT “is on track to become the first true competitor to the gold ETF market.”
Tether still publishes quarterly attestations. Its latest BDO report to September 30 showed total reserve assets of $191.5 billion against $183.5 billion in liabilities, with an excess reserve buffer of almost $8 billion and $1.5 billion in net operating profit for the third quarter.
