KPMG has issued an unqualified opinion on the 2025 financial statements of TG Commodities, the issuer of Tether Gold (XAUT). The audit counts as Tether's second by a Big Four firm, after the USDT audit in August.
KPMG has completed its first full audit of Tether's gold-backed stablecoin, XAUT, and found the token fully backed by physical gold, according to Tether. The company announced the result on Thursday.
KPMG counted every bar
KPMG issued an unqualified opinion on the financial statements of TG Commodities for the year ending Dec. 31, 2025. The Block reported that a KPMG spokesperson confirmed the "clean" opinion.
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 sits in vaults in Switzerland, and each token represents an ownership interest in gold on specific bars.
Tether said KPMG physically counted and inspected every gold bar backing the token, rather than relying only on confirmations from custodians. Tether CEO Paolo Ardoino said: "KPMG counted every single bar as part of its Tether Gold audit."
Second Big Four audit for Tether
The XAUT audit follows KPMG's clean opinion on Tether International, the issuer of USDT, in August. Tether had previously relied on quarterly attestations, which offer a snapshot of reserves at a single point in time.
Tether Chief Financial Officer Simon McWilliams said the company is working toward audits of the rest of its businesses. He added that the audited figures matched Tether's quarterly reserve reports.
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