Tether Gold Secures Clean KPMG Audit on $2.25B Reserves

• Tether announced KPMG U.S.’s unqualified audit opinion for TG Commodities on November 12, 2026.
• The audit covered financial statements for the year ended December 31, 2025.
• Tether said KPMG physically inspected and counted every gold bar backing XAUT.
• Year-end reserves contained 520,089.350 fine troy ounces, valued at approximately $2.246 billion.
• A separate September 2026 reserve report recorded 827,417.630 fine troy ounces of gold.

Tether Gold issuer TG Commodities received an unqualified KPMG U.S. opinion on its 2025 financial statements. Tether announced the result on November 12, marking its second Big Four audit milestone in 2026.

The audit covers the year ended December 31, 2025. An unqualified opinion means KPMG considered the financial statements fairly presented under U.S. accounting principles. The assessment covers financial reporting, rather than certifying any future reserve balance.

KPMG Counted Individual Swiss Gold Bars

Tether said KPMG physically inspected and counted every gold bar backing XAUT. Tether said auditors checked each bar’s identifying information instead of relying solely on custodian confirmations.

At December 31, 2025, custodians held 520,089.350 fine troy ounces of allocated gold. The company valued that bullion at approximately $2.246 billion. It reported 520,089.300 XAUT tokens in issue, a difference of 0.050 troy ounces. These totals also appear in an earlier BDO reserves report covering the same date.

The gold was stored in Swiss vaults and met London Good Delivery standards. Each XAUT represents an undivided ownership interest in gold held on specified bars. Separately, an independent third party tests samples of those bars quarterly.

Newer Report Shows Larger Reserves

The 2025 numbers do not describe today’s bullion inventory. A later BDO report records 827,417.630 fine troy ounces as of September 30, 2026. It lists the same number of minted XAUT tokens, valued together at $3.44 billion.

Tether reported reserve quantities rose 59% between the two dates. The Swiss inventory gained 766 large bars, reaching 2,057 in that category. The September report counted 709,323.660 tokens sold and 118,093.970 available for sale. Tether separately reported a 73% rise in customer holdings through September 2026.

BDO provided reasonable assurance for that September reserves snapshot under ISAE 3000. Its report expressly excludes activity on other dates. That assurance differs from KPMG’s broader annual financial-statement audit.

Earlier, Blockonomi reported a 36% reserve increase during the first quarter of 2026. The latest reserve report extends that growth timeline beyond the period covered by KPMG.

In August, Tether announced a separate unqualified KPMG opinion on Tether International’s 2025 financial statements. That entity issues the dollar-pegged USDT token, while TG Commodities issues gold-backed XAUT.