Tether Gold completes second Big Four audit

Tether announced on November 12 that KPMG U.S. had issued an unqualified audit opinion on the 2025 financial statements of TG Commodities, S.A. de C.V., the issuer of XAU®. It’s the second Tether stablecoin to clear a Big Four audit.

According to Tether’s announcement, the audit confirmed XAU® was fully backed by allocated physical gold at December 31, 2025. The figures Tether reported: TG Commodities held 520,089.350 fine troy ounces of allocated gold against 520,089.300 XAU® tokens in circulation — 0.050 fine troy ounces more metal than tokens, a difference the announcement does not explain.

KPMG physically counted and inspected every individual gold bar, Tether said. The bars sit in Swiss vaults and meet London Good Delivery standards. Tether’s announcement put the value of the gold backing at $2.246 billion as of that year-end date.

The steelman of Tether’s position is real: the audit ties a specific token count to a specific quantity of allocated metal, with the auditor going to the vaults rather than accepting internal records. What the document doesn’t do is establish the reserve position after December 31, 2025. It’s a snapshot, and the audit opinion covers the stated year-end date, not whatever the balance looks like today.

Paolo Ardoino, CEO of Tether, wrote in the announcement: “Two Tether stablecoins, two defining audits from a Big Four.” He also wrote, “KPMG counted every single bar as part of its Tether Gold audit.” Simon McWilliams, Chief Financial Officer of Tether, called it “another landmark for Tether’s Finance team.”

Tether’s own timeline supplies the context. KPMG completed an unqualified audit for Tether International, S.A. de C.V., the issuer of USD®, in August 2026 — which Tether identifies as its first Big Four audit. The gold audit is therefore the second.

Criptano reported XAU® trading at $3,868.91 with a $3.13 billion market capitalization on November 12, 2026. Those figures are market data, not reserve verification. The reserve verification is 520,089.350 fine troy ounces against 520,089.300 tokens, as of December 31, 2025, per Tether’s announcement.