Tether said on November 12, 2026, that KPMG U.S. had completed an independent audit of Tether Gold (XAU₮) issuer TG Commodities’ financial statements as of December 31, 2025, and issued an unqualified opinion. According to Tether’s announcement, the audit found XAU₮ fully backed by physical gold.
Tether said TG Commodities held 520,089.350 ounces of fine gold, valued at $2.246 billion, against 520,089.300 XAU₮ issued at that date. It said KPMG physically counted and inspected every backing gold bar rather than relying solely on custodian confirmations. The company also said the gold was held in Swiss vaults, met London Good Delivery standards, and that each token represented an undivided ownership interest in specific bars. A separate third party conducts quarterly sample tests of the bars, according to Tether.
The report described TG Commodities as the second Tether stablecoin issuer to complete a Big Four audit, following USDT issuer Tether International in August 2026. Tether CFO Simon McWilliams said auditing the company’s largest and most complex issuers first was intended to pave the way for a company-wide audit. CEO Paolo Ardoino said XAU₮ could compete with gold ETFs, citing immediate transfer and settlement, lower custody costs and greater transparency. Those comparisons are his assessment, not findings established by the reported audit.
Original report: TechFlow, published November 12, 2026, at 21:12 UTC+8.