Tether Gold (XAU₮), a stablecoin issued by TG Commodities, S.A. de C.V., has successfully completed an independent audit conducted by KPMG U.S., one of the Big Four accounting firms. The audit, covering the financial statements for the year ended December 31, 2025, resulted in an unqualified opinion, the highest level of assurance an auditor can provide. This marks Tether’s second stablecoin to achieve such a milestone, following the audit of USD₮ issuer Tether International in August 2026.
Audit Confirms Full Gold Backing
According to the audited financial statements, XAU₮ is fully backed by 520,089.350 fine troy ounces of allocated physical gold, valued at $2.246 billion as of December 31, 2025. Each XAU₮ token represents an undivided ownership interest in specified gold bars, which are stored in Swiss vaults and meet London Good Delivery standards. KPMG physically inspected and counted every gold bar, verifying their existence and identifying information, rather than relying solely on custodian confirmations.
Significance of the Unqualified Opinion
An unqualified audit opinion indicates that KPMG found the financial statements to fairly represent the company’s financial position, operational results, and cash flows in accordance with U.S. generally accepted accounting principles (GAAP). This level of scrutiny provides transparency and assurance to XAU₮ token holders, from individual savers to institutional investors.
Strategic Implications for Tether
Paolo Ardoino, CEO of Tether, emphasized the broader implications of the audit, stating, “XAU₮ is on track to become the first true competitor to the gold ETF market, offering lower custody costs, higher transparency, and the speed of blockchain settlements.” Simon McWilliams, Tether’s CFO, highlighted the deliberate strategy of starting with the company’s largest and most complex assets, USD₮ and XAU₮, to set a new industry standard for financial scrutiny.
The audit complements Tether’s quarterly reserve reporting and aligns with its commitment to providing robust transparency across its stablecoin offerings. This achievement further solidifies Tether’s position as a leader in the digital asset industry, bridging traditional financial assets like gold with blockchain technology.
