Tether Gold passes KPMG audit, confirming full gold backing for XAU₮
Tether Gold has received an unqualified audit opinion from KPMG confirming its tokens are fully backed by physical gold reserves valued at $2.246 billion.
KPMG U.S. issued an unqualified audit opinion on the financial statements of TG Commodities, S.A. de C.V., the issuer of Tether Gold (XAU₮), for the year ended December 31, 2025. The verdict confirms the token was fully backed by allocated physical gold, with 520,089.300 XAUₜ tokens in circulation backed by 520,089.350 fine troy ounces of gold valued at approximately $2.246 billion.
Physical verification
An unqualified opinion is the accounting world's version of a clean bill of health, meaning the auditor found the financial statements fairly presented under US generally accepted accounting principles with no caveats. Unlike typical audits, KPMG physically counted every individual gold bar supporting XAUₜ and verified each bar's existence and serial number on-site.
Growing reserves
Tether Gold is the largest tokenized gold product by market value, with reserves reportedly exceeding 827,000 ounces by the third quarter of 2026, compared with the 520,089.350 ounces verified at the end of 2025. XAUₜ is now the second Tether product to complete a full financial statement audit by a Big Four firm, following Tether International's audit in August 2026.
Timing considerations
The audit covers the year ended December 31, 2025, when reserves stood at roughly half a million ounces. The reported growth to over 827,000 ounces by the third quarter of 2026 falls outside that audited window. Holders tracking the newer reserves will be relying on the quarterly BDO Italia attestations until the next full audit lands.
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