KPMG Issues Unqualified Opinion on Tether Gold’s 2025 Accounts

Tether announced on November 12, 2026, that KPMG US had issued an unqualified opinion on the 2025 financial statements of TG Commodities, S.A. The review covered the financial year ended December 31, 2025 and provides an independent assessment of the gold assets associated with Tether Gold, represented by the XAUT token. The clean opinion means KPMG did not identify a qualification to its audit conclusion.

Blockonomi reported that KPMG physically inspected and counted every gold bar backing XAUT. At year-end, the audited reserves contained 520,089.350 fine troy ounces of gold, with a value of approximately $2.246 billion. Blockonomi and The Cryptonomist both rounded the reserve value to $2.25 billion, making it the most consistently reported figure across the coverage.

Crypto.news characterized the audit as XAUT’s first Big Four financial audit and noted that it came more than five years after the token launched. Decrypt highlighted a broader distinction: XAUT is the second Tether stablecoin to complete a full audit by a Big Four accounting firm. These descriptions differ in emphasis, but neither outlet contradicted the central finding that KPMG US issued an unqualified opinion.

The physical count is central to the reserve assurance because it verifies the existence of the reported gold holdings rather than merely reviewing financial records. The audit applies to the year-end position for 2025, while the reserves described by Blockonomi stood at 520,089.350 fine troy ounces and approximately $2.25 billion. The available coverage did not provide a separate subsequent reserve total or an updated audit period.

Live market data show Tether Gold at $3,863.79, down 3.22% over 24 hours and 5.63% over seven days. XAUT’s market capitalization was $3.13 billion, compared with the reported gold reserve value of roughly $2.25 billion. Tether’s USDT traded at $0.998987, slipping 0.01% over 24 hours and 0.05% over seven days, while DeFiLlama put USDT’s circulating supply at $175.64 billion.

The wider crypto market was broadly lower: total capitalization stood at $2.46 trillion, Bitcoin fell 3.34% over 24 hours, and the Fear & Greed index registered 28, indicating a “Fear” reading. XAUT’s larger declines occurred against that weak backdrop. Continued public disclosure of reserve totals and any later audit coverage would provide the next reference points for tracking XAUT’s backing and the durability of its third-party assurance.