Tether has completed its second major audit with KPMG U.S., this time for TG Commodities, the issuer of its gold-backed XAUT token. The Big Four accounting firm issued an unqualified, or "clean," opinion on TG Commodities's financial statements for the year ending Dec. 31, 2025, confirming compliance with AICPA standards.
KPMG physically inspected and counted every gold bar backing XAUT, verifying the identifying information on each one. As of Dec. 31, 2025, TG Commodities held 520,089.350 fine troy ounces of gold worth $2.246 billion, matching the 520,089.300 XAUT tokens in circulation. The gold is stored in Switzerland and belongs to token holders, with each XAUT representing an undivided ownership interest in the specified bars.
This follows KPMG's earlier audit of Tether International, the issuer of the USDT stablecoin, which also received an unqualified opinion. Tether's Chief Financial Officer, Simon McWilliams, stated that the company's strategy was to prioritize audits for its largest and most complex businesses, setting an industry standard.
Tether plans to audit the rest of its businesses, with the audited figures aligning with its quarterly reserve reports. The company aims to maintain transparency and build trust through these independent audits.