Tether announced that KPMG U.S. issued a positive audit opinion on the 2025 financial statements of TG Commodities, the issuer of gold-backed XAUT, and counted the bars backing the token one by one.
According to a statement reported by The Block, KPMG physically inspected each bar during the audit and checked its identifying information. The audit covered the 2025 financial statements of the XAUT issuer.
Where is the gold backing XAUT held?
According to data shared by Tether as of December 31, 2025, approximately 520,089 XAUT were in circulation, while the roughly 520,089 troy ounces of fine gold backing the tokens were worth $2.25 billion on that date. The gold, stored in Switzerland, belongs to token holders. Each XAUT represents an ownership share in gold held in specific bars.
KPMG had previously audited the USDT issuer
Tether announced in August that KPMG would audit the 2025 financial statements of Tether International, the USDT issuer. The company’s regular reserve reports focus on verifying assets and liabilities as of a specific date. Tether CFO Simon McWilliams said the audited figures were consistent with the quarterly reserve reports and that audit work was also underway for the group’s other companies.
Not investment advice.