KPMG‘s U.S. firm gave TG Commodities, the company that issues Tether’s gold-backed token Tether Gold (XAUT), an unqualified opinion on its 2025 financial statements, Tether announced on Thursday. An unqualified opinion is an auditor’s finding, without reservations, that a company’s statements fairly present its finances in all material respects, here under U.S. accounting rules.
Each XAUT token stands for one fine troy ounce of gold, the measure of a bar’s pure gold content, held in vaults in Switzerland. Tether publishes quarterly reserve reports on that gold; the latest, as of Sept. 30, was checked by accounting firm BDO.
Tether said that at the end of 2025 the company had 520,089.35 fine troy ounces of allocated gold, meaning specific bars set aside for token holders. That gold was worth $2.246 billion and covered the 520,089.30 XAUT then outstanding. Tether said KPMG counted and inspected each bar instead of relying only on the custodian’s confirmations.
The audit is Tether’s second from a Big Four firm, the industry’s name for Deloitte, EY, KPMG and PwC, after KPMG’s opinion on Tether International, the issuer of the dollar stablecoin USDT, in August.
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XAUT Supply Since Year-End 2025
Tether said on Nov. 4 that XAUT’s gold grew 59% from the end of 2025 to Sept. 30. XAUT’s Ethereum contract showed 827,417.63 tokens at 12:06 p.m. ET Thursday, the same as on Sept. 30, by Unchained’s read of the blockchain. By Unchained’s calculation, roughly 37% of today’s supply was added, net of redemptions, after Dec. 31, 2025, the date of the balance sheet KPMG audited.
That is the whole supply, Tether’s transparency data shows; a version on other blockchains, XAUT0, is minted against XAUT locked on Ethereum, according to the USDT0 network, which offers it. Both counts include unsold tokens held by a Tether-related company: 110,871.66 at Dec. 31, 2025 and 118,093.97 at Sept. 30, per BDO’s year-end and Sept. 30 reports.
What the Audit Covers
The opinion covers TG Commodities alone and its finances for the year ended Dec. 31, 2025. Tether has not published KPMG’s audit report or the audited statements, and Unchained could not find either on Tether’s sites. The release does not say when KPMG signed off.
BDO’s Sept. 30 report is an attestation, in which an accountant checks one specific claim at a single moment, in this case Tether Gold’s reserves report. An audit examines a company’s full financial statements over a year.
“The audited figures are consistent with the reserves we have published every quarter,” Chief Financial Officer Simon McWilliams said in the release. CEO Paolo Ardoino said in the same release that he believes XAUT “is on track to become the first true competitor to the gold ETF market.”
On Wednesday, Anchorage Digital let institutional clients pledge XAUT for loans from other Anchorage clients.
