An independent audit of Tether Gold conducted by KPMG U.S. resulted in an unqualified opinion on the 2025 financial statements of TG Commodities, S.A. de C.V., the entity behind XAU₮. Tether announced the result on November 12, 2026, after auditors physically checked the gold backing the token in Swiss vaults.
As of December 31, 2025, the audit confirmed 520,089.350 fine troy ounces of allocated physical gold, worth $2.246 billion, backing the 520,089.300 XAU₮ tokens then in circulation.
An unqualified opinion means the financial statements fairly present the issuer’s finances under US generally accepted accounting principles, without caveats. The audit covered the year ended December 31, 2025.
Tether Gold audit included a bar-by-bar inspection
KPMG counted and inspected every individual gold bar held in the Swiss vaults, rather than relying solely on custodian confirmations. The checks included verifying each bar’s existence and serial number on-site.
That physical verification distinguishes the Tether Gold audit from a review based only on custody records: auditors directly checked the allocated metal supporting the reported reserves.
Every XAU₮ token is designed to represent one fine troy ounce of gold, with the metal kept in certified Swiss vaults that meet London Good Delivery standards.
XAU₮ is Tether’s second stablecoin to receive an unqualified audit opinion from a Big Four accounting firm. The first was USD₮: KPMG’s audit of its issuer, Tether International, received an unqualified opinion announced on August 13, 2026.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
