KPMG Conducts First Full Audit of Tether Gold Issuer

Tether announced on November 12 that KPMG U.S. completed an audit of the financial statements of TG Commodities, the issuer of the Tether Gold (XAUT) token, for 2025. The auditor issued an unmodified opinion: the financial statements fairly present the company's financial position in all material respects according to U.S. accounting standards. This is the first full annual audit of the XAUT issuer, launched in 2020.

KPMG audited the gold backing of XAUT

According to Tether, KPMG specialists counted and inspected each gold bar, matching identification numbers with accounting documents. As of December 31, 2025, the issuer held 520,089.35 troy ounces of gold valued at $2.246 billion. This amount was sufficient to back 520,089.30 issued XAUT, each representing ownership of one troy ounce of gold stored in Swiss vaults.

By September, reserves grew to $3.44 billion

In a separate quarterly report, Tether indicated that as of September 30, 2026, reserves reached 827,417.63 troy ounces, or approximately 25.7 tons, valued at $3.44 billion. In terms of gold volume, this is 59% more than at the end of 2025. Of the issued tokens, about 709,324 were sold, with another 118,094 remaining available for sale.

The September data was confirmed by a separate reserve review by BDO. The KPMG audit pertains to the financial statements for 2025 and is not a review of all operations and reserves as of November 2026.

Tether expands its audit program

In April 2025, the company published a separate independent confirmation of XAUT reserves for the first time, and in August 2026, KPMG completed an audit of the financial statements of the USDT issuer – Tether International. Tether's CFO Simon McWilliams stated that the company intends to expand its audit program. However, the full KPMG report on XAUT has not yet been published: a statement from Tether is publicly available, and an auditor representative confirmed the issuance of the opinion to The Block.