KPMG has issued an unqualified audit opinion regarding the financial statements of TG Commodities, S.A. de C.V., the issuer of Tether Gold (XAU₮), for the fiscal year ending December 31, 2025. The firm confirmed that the token supply was fully backed by allocated physical gold stored in certified Swiss vaults.
As of the end of 2025, there were 520,089.300 XAU₮ tokens in circulation, supported by 520,089.350 fine troy ounces of physical gold. This reserve was valued at approximately $2.246 billion. The gold meets London Good Delivery standards, and auditors physically verified each gold bar and its serial number on-site.
This audit marks the second time a Tether product has undergone a full financial statement review by a Big Four firm, following the audit of Tether International in August 2026. While Tether continues to provide quarterly attestations via BDO Italia, this full audit provides a comprehensive examination of the company's financial position.
Tether Gold currently holds the position of the largest tokenized gold product by market value. By the third quarter of 2026, reported reserves had grown to exceed 827,000 ounces. However, this growth occurred after the period covered by the recent KPMG audit, meaning current holders rely on quarterly attestations for updated reserve figures.
