Tether says KPMG U.S. issued an unqualified opinion on the financial statements of TG Commodities, the issuer of Tether Gold (XAU₮), as of December 31, 2025. According to Tether’s announcement, the audit found XAU₮ fully backed by physical gold.
As reported by ChainCatcher on November 12, 2026, TG Commodities held 520,089.350 fine ounces of gold, valued at $2.246 billion, against 520,089.300 XAU₮ issued at the year-end date. Tether said KPMG physically counted and inspected every backing gold bar rather than relying only on custodian confirmations.
The gold is held in Swiss vaults and meets London Good Delivery standards, according to the report. It describes each token as representing an undivided ownership interest in a specific gold bar, with a separate third party engaged to sample-test bars quarterly.
ChainCatcher reported that this was Tether’s second stablecoin issuer to complete an audit by a Big Four accounting firm, after USDT issuer Tether International in August 2026. CEO Paolo Ardoino said XAU₮ could compete with gold ETFs, citing immediate transfer and settlement, lower custody costs and greater transparency. CFO Simon McWilliams said auditing USDT and XAU₮ first would lay the groundwork for a company-wide audit. Those assessments are the executives’ views, not findings established by the financial-statement opinion.
Original report: ChainCatcher, November 12, 2026, 21:09 (UTC+8)