Tether Gold Gets Clean KPMG Audit Confirming $2.2B in Physical Gold Backing

In brief

• KPMG issued an unqualified audit opinion on the 2025 financial statements of TG Commodities, the issuer of gold-backed stablecoin Tether Gold (XAUT).
• The issuer held about 520,089 troy ounces of gold, worth $2.246 billion at the end of 2025, against an equal number of XAUT tokens in issue.
• The audit follows KPMG's clean opinion on USDT issuer Tether International in August, as Tether moves toward audits across its whole business.

Tether's gold-backed stablecoin, Tether Gold (XAUT), has completed its first full audit by KPMG, which found the token fully backed by physical gold, the company announced on Thursday.

KPMG issued an unqualified opinion on the financial statements of TG Commodities, which issues XAUT, for the year ended December 31, 2025. An unqualified, or "clean," opinion means the auditor found that the statements fairly present the company's financial position, without reservations.

As of the end of 2025, TG Commodities held 520,089.350 troy ounces of allocated gold, valued at $2.246 billion, against 520,089.300 XAUT tokens in issue, according to Tether. The gold is held in vaults in Switzerland, and each token represents an ownership interest in gold on specific bars.