Tether Gold issuer follows USDT to complete Big Four audit
Tether said Thursday that KPMG U.S. completed an independent audit of the financial statements of TG Commodities, the issuer of its gold-backed XAUT token.A spokesperson for the Big Four firm subsequently confirmed to The Block that it issued an unqualified, or "clean," opinion on TG Commodities's financial statements in accordance with AICPA standards for the year ending Dec. 31, 2025.In a blog post, Tether said KPMG physically inspected and counted every individual gold bar backing XAUT (XAUT), checking 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, against 520,089.300 XAUT in circulation, according to the firm.The gold belongs to token holders and is stored in Switzerland. Each XAUT represents "an undivided ownership interest in gold on specified bars," Tether said.Tether's second KPMG auditKPMG had already audited the 2025 accounts of USDT (USDT) stablecoin issuer Tether International. Tether announced that audit in August, and a spokesperson for the accounting firm confirmed to The Block that it had issued an unqualified opinion. Before then, Tether's regular reserve reporting consisted of attestations covering its holdings and liabilities on a given date."Our strategy was deliberate: start with the largest and most complex businesses, USDT and XAUT, and set the standard for the industry," Tether Chief Financial Officer Simon McWilliams said on Thursday.The company is working toward audits of the rest of its businesses, and the audited figures matched Tether's quarterly reserve reports, he said.