KPMG Issues Unqualified Opinion on Tether Gold’s 2025 Accounts

Tether said KPMG issued an unqualified opinion on the 2025 financial statements of TG Commodities, the issuer of its gold-backed XAUT token, after auditors physically inspected and counted the bullion backing the tokens. The audit covered the year ended December 31, 2025, and the company announced the result on November 12, 2026.

At year-end 2025, TG Commodities held 520,089.350 fine troy ounces of allocated gold, valued at about $2.246 billion, against 520,089.300 XAUT tokens in issue, according to Tether. The quantities differ by 0.050 troy ounces. The gold was held in Swiss vaults, and each token represents an ownership interest in gold assigned to specific bars.

Tether said KPMG checked the bars’ identifying information during its physical inspection rather than relying solely on confirmations from custodians. An unqualified opinion indicates that an auditor considers financial statements fairly presented under the applicable accounting standards. It addresses the audited financial statements and period, not holdings on later dates.

A separate reserve report prepared by BDO put Tether Gold’s holdings at 827,417.630 fine troy ounces, worth $3.44 billion, on September 30, 2026....