Tether Gold completes Big Four audit as Tether expands reserve assurance

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Tether Gold Big Four audit

Highlights

Tether Gold's issuer, TG Commodities, passed a KPMG U.S. audit confirming full backing of 520,089.350 fine troy ounces of gold worth $2.246 billion as of Dec. 31, 2025.
KPMG conducted a physical inspection of all gold bars backing XAU₮ tokens, which are stored in Swiss vaults and meet London Good Delivery standards.
Tether completed audits of both XAU₮ and USD₮, reinforcing reserve verification standards and strengthening its position as a competitor to traditional gold ETFs.

Audit scope and reserve verification

As reported by Tether, KPMG U.S. completed an independent audit of the 2025 financial statements of TG Commodities, S.A. de C.V., the issuer of Tether Gold, or XAU₮. KPMG issued an unqualified opinion, stating that the statements present fairly, in all material respects, the company’s financial position as of Dec. 31, 2025, and its operating results and cash flows under U.S. generally accepted accounting principles.

The audited statements show that XAU₮ is fully backed by allocated physical gold. As of Dec. 31, 2025, TG Commodities held 520,089.350 fine troy ounces of allocated gold, valued at $2.246 billion, against 520,089.300 XAU₮ in issue.

KPMG also physically counted and inspected each gold bar backing the token rather than relying only on custodian confirmations. The gold is stored in Swiss vaults, meets London Good Delivery standards, and is owned by XAU₮ token holders, with each token representing an undivided ownership interest in specified bars.

In addition to the annual audit, management uses a qualified independent third party each quarter to test a sample of the bars and confirm information reported by refineries.

Strategic significance for Tether and digital assets

Chief Executive Paolo Ardoino says the audit positions XAU₮ as a potential competitor to the gold ETF market, citing blockchain-based settlement, lower custody costs, and higher transparency. He adds that Tether is extending a model it has already scaled with USD₮ into gold-backed products.

Chief Financial Officer Simon McWilliams says the company deliberately began with its largest and most complex businesses, USD₮ and XAU₮, as it works toward audits across the rest of Tether. He says the audited figures are consistent with reserve disclosures the company has published each quarter.

Tether says the TG Commodities audit follows the audit of Tether International, the issuer of USD₮, completed in August. The latest opinion strengthens the company’s push to improve reserve verification standards in the digital asset sector, particularly for products marketed as stable stores of value.

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