Tether says gold token issuer completes KPMG audit of 2025 accounts

Tether said Thursday that KPMG U.S. completed an independent audit of the 2025 financial statements of TG Commodities, which issues the gold-backed XAUT token. Tether said the Big Four accounting firm issued an unqualified opinion, also called a clean opinion. Tether said KPMG counted and physically inspected every gold bar backing XAUT, including checks of each bar's identifying information.

According to Tether, TG Commodities held 520,089.350 fine troy ounces of allocated gold on December 31, 2025. Tether valued the gold at $2,246 million, backing 520,089.300 XAUT in circulation. Token holders own the gold, which is kept in Switzerland. Tether said each XAUT represents "an undivided ownership interest in gold on specified bars."

KPMG had previously audited the 2025 accounts of Tether International, the issuer of USDT. Tether announced the earlier audit in August. A KPMG spokesperson confirmed that KPMG had issued an unqualified opinion. Before that audit, Tether regularly reported reserves through attestations of holdings and liabilities at a particular date.

Tether Chief Financial Officer Simon McWilliams said Thursday that Tether deliberately began with USDT and XAUT, the largest and most complex businesses, to establish an industry standard. McWilliams said Tether is pursuing audits for the remaining businesses. McWilliams said the audited figures agreed with Tether's quarterly reserve reports.