Tether Gold issuer follows USDT to complete Big Four audit

Tether said Thursday that KPMG U.S. has completed an independent audit of the 2025 financial statements of TG Commodities, the issuer of its gold-backed XAUT token.

The Big Four firm gave the accounts an unqualified, or "clean," opinion, Tether said in its announcement.

Tether said KPMG physically inspected and counted every individual gold bar backing XAUTTether Gold XAUT-3.68%, checking the identifying information on each one. As of Dec. 31, 2025, TG Commodities held 520,089.350 fine troy ounces of gold worth $2.246 billion, against 520,089.300 XAUT in circulation, according to the firm.

The gold belongs to token holders and is stored in Switzerland. Each XAUT represents "an undivided ownership interest in gold on specified bars," Tether said.

Gold-backed stablecoin market cap. Image: The Block.

Tether's second KPMG audit

KPMG had already audited the 2025 accounts of USDT Tether USDT-0.02% issuer Tether International. Tether announced that audit in August, and a spokesperson for the accounting firm confirmed to The Block that it had issued an unqualified opinion. Before then, Tether's regular reserve reporting consisted of attestations covering its holdings and liabilities on a given date.

"Our strategy was deliberate: start with the largest and most complex businesses, USDT and XAUT, and set the standard for the industry," Tether Chief Financial Officer Simon McWilliams said on Thursday.

The company is working toward audits of the rest of its businesses, and the audited figures matched Tether's quarterly reserve reports, he said.