Tether says KPMG audited Tether Gold's issuer and counted every bar

For a gold token, the question that matters is simple: is the gold there? Tether now says a Big Four auditor went and looked, bar by bar.

Tether said KPMG issued an unqualified opinion on the 2025 financial statements of TG Commodities, the company that issues Tether Gold (XAU₮), according to Tether's Nov. 12 release (opens in a new tab). The audit covers the year ended Dec. 31, 2025.

Tether's release describes an unqualified opinion as one issued without reservations, exceptions or caveats.

Tether said KPMG physically counted every bar.

Tether has not published KPMG's report.

What's in the vault?

About 520,000 ounces of gold against a matching number of tokens at the end of 2025. The gold is held in vaults in Switzerland.

That gold was worth about $2.2 billion at the end of 2025, Tether said.

A separate assurance report from BDO (opens in a new tab), signed in Milan on Jan. 23, 2026, covers Tether Gold's reserves report at the same date and shows the same holdings. An assurance report is not an audit.

Is this Tether's first audit?

No, by Tether's account. The release says it follows KPMG's audit of Tether International, the issuer of USDT, in August.

Tether calls XAU₮ its second stablecoin to complete a Big Four audit.

We covered Anchorage letting institutions pledge Tether Gold on Nov. 11.

Why this matters

Tether describes KPMG's work as checking each bar rather than relying only on custodian confirmations. Until KPMG's report is published, though, readers have Tether's description of it, not the report itself.