Tether Gold has received a report card that crypto issuers rarely get: a clean audit from a Big Four accounting firm.
KPMG U.S. issued an unqualified audit opinion on the financial statements of TG Commodities, S.A. de C.V., issuer of Tether Gold (XAU₮), for the year ended December 31, 2025. The opinion confirms that the token was fully backed by allocated physical gold.
What KPMG actually checked
An unqualified opinion is the accounting world’s equivalent of a clean bill of health. It means the auditor found that the financial statements fairly presented the company’s position under U.S. generally accepted accounting principles, without any caveats.
As of December 31, 2025, 520,089.300 XAU₮ tokens were in circulation. They were backed by 520,089.350 fine troy ounces of allocated physical gold, valued at approximately $2.246 billion.
Each XAU₮ token is designed to represent one fine troy ounce of gold. The gold is held in certified Swiss vaults and meets London Good Delivery standards.
Instead of relying on reports from third-party custodians, KPMG physically counted every gold bar backing XAU₮ and verified each bar’s existence and serial number on-site.
Tether’s second Big Four audit
XAU₮ is now the second Tether product to complete a full financial statement audit by a Big Four firm. The first was Tether International, issuer of USDT, which received an unqualified opinion on August 13, 2026.
Tether also reported that BDO Italia performs ongoing quarterly attestations. A quarterly attestation generally confirms reserves at a specific point in time. A full audit examines the financial statements as a whole, making it a more extensive process that carries greater weight with institutional observers.
The largest tokenized gold product is growing
Tether Gold is the largest tokenized gold product by market value. Reserves reportedly exceeded 827,000 ounces by the third quarter of 2026, compared with 520,089.350 ounces verified at the end of 2025.
What this means
For XAU₮ holders, the audit addresses the most important question in tokenized commodities: is the gold actually there? A physical count of every bar by KPMG is about as strong an answer as the industry currently offers.
There is a timing caveat. The audit covers the year ended December 31, 2025, when reserves stood at roughly half a million ounces. The reported increase to more than 827,000 ounces by the third quarter of 2026 falls outside the audited period. Holders tracking the newer reserves will rely on the quarterly BDO Italia attestations until the next full audit is completed.
