TL;DR
- KPMG issued an unqualified audit opinion on TG Commodities’ 2025 financial statements, making XAU₮ Tether’s second stablecoin to complete a Big Four audit.
- The auditor counted and inspected every gold bar backing XAU₮, verifying 520,089.350 fine troy ounces against 520,089.300 tokens in issue.
- Tether says gold is stored in Switzerland under London Good Delivery standards, while claims that XAU₮ could rival gold ETFs remain its forward-looking assessment.
Tether Gold (XAU₮) has become the second Tether-issued stablecoin to complete a Big Four audit after KPMG examined the 2025 financial statements of issuer TG Commodities, S.A. de C.V. According to Tether’s official announcement, KPMG issued an unqualified opinion, concluding that the statements fairly presented the company’s financial position under U.S. GAAP. The audit provides independent financial scrutiny for a gold-backed member of the stablecoin market.
KPMG Physically Verifies Every Gold Bar Backing XAU₮
KPMG’s work went beyond reviewing accounting records. The auditor counted and inspected every gold bar backing XAU₮, checking the existence and identifying information of each bar rather than relying only on confirmations from custodians. At December 31, 2025, TG Commodities held 520,089.350 fine troy ounces of allocated gold, valued at $2.246 billion, against 520,089.300 XAU₮ in issue. The physical inspection adds another verification layer to the reserve structure behind the token, following growing attention around Tether Gold’s reserve backing.
The gold is stored in Swiss vaults and meets London Good Delivery standards. Tether said XAU₮ holders own the underlying gold, with each token representing an undivided ownership interest in gold allocated across specified bars. Beyond the annual audit, management engages a qualified independent third party each quarter to test a sample of bars against refinery information. The structure combines tokenized ownership with recurring verification of bullion, reinforcing the operational model behind XAU₮’s institutional expansion.
The XAU₮ audit follows KPMG’s August audit of Tether International, the issuer of USD₮, which also received an unqualified opinion. Tether CFO Simon McWilliams said the company deliberately started its audit program with its largest and most complex businesses, USD₮ and XAU₮, and described the latest result as progress toward audits across the wider group. XAU₮ therefore becomes the second Tether product to receive this level of independent financial examination, extending the Big Four audit milestone already reached by Tether.
CEO Paolo Ardoino argued that XAU₮ could develop into a competitor to gold ETFs, citing blockchain settlement, custody costs and transparency as potential advantages. That remains Tether’s assessment rather than a conclusion established by KPMG’s audit. The auditor’s opinion concerns TG Commodities’ 2025 financial statements and the supporting evidence examined during the process. The confirmed milestone is the unqualified audit opinion and physical verification of the gold backing XAU₮, while claims about future competition with traditional gold products remain forward-looking.
