KPMG Counts Every Gold Bar Behind Tether Gold and Signs Off on the Audit

KPMG, one of the Big Four accounting firms, has audited the 2025 financial statements of TG Commodities, the company that issues Tether Gold (XAUT). The auditor confirmed them without reservations, a so-called clean opinion. As part of the audit, KPMG physically counted and checked every bar backing the tokens in vaults in Switzerland.

Why it matters

A gold-backed token is only as good as the gold behind it. For years, Tether's critics asked for a full audit by a major firm instead of lighter "attestations". A Big Four audit with a physical count is the strongest proof an issuer can offer that the reserves exist.

For XAUT holders, it means each token is backed by real metal. Tether says XAUT is the second of its stablecoins to pass an audit by one of the four largest firms.

What the audit found

On December 31, 2025, TG Commodities held 520,089.350 troy ounces of physical gold, worth $2.246 billion. At the same time, 520,089.300 XAUT were in circulation. Each token represents ownership of one troy ounce of gold, held as a share in specific bars.

A stablecoin is a token designed to hold a steady value. Most track the US dollar; XAUT tracks the price of gold. It lets people hold gold on a blockchain and move it as easily as any other token.

The context

The audit comes at a hard time for gold. The metal hit a new low for the year this week as the US dollar strengthened, and gold and silver markets lost more than $1.1 trillion in value in a single day.