KPMG U.S. issues unqualified audit opinion on TG Commodities’ 2025 financial statements, following the audit of USD₮ issuer Tether International in August
12 November 2026 – Tether, the largest company in the digital asset industry, today announced that KPMG U.S. has completed an independent audit of the financial statements of TG Commodities, S.A. de C.V., issuer of Tether Gold (XAU₮), for the year ended December 31, 2025. The audited statements show XAU₮ fully backed by allocated physical gold.
KPMG issued an unqualified audit opinion on TG Commodities’ financial statements, meaning in KPMG’s opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in accordance with U.S. generally accepted accounting principles. An unqualified opinion, issued without reservations, exceptions, or caveats, is the most positive outcome a business can receive from its independent auditor.
As part of the audit, KPMG physically counted and inspected every individual gold bar backing XAU₮, verifying the existence and identifying information of each bar rather than relying solely on custodian confirmations. As of December 31, 2025, TG Commodities held 520,089.350 fine troy ounces of allocated gold, valued at $2.246 billion, against 520,089.300 XAU₮ in issue.
The gold is held in vaults in Switzerland and meets London Good Delivery standards. It is owned by XAU₮ token holders, with each token representing an undivided ownership interest in gold on specified bars. In addition to the audit, management engages a qualified independent third party to test a sample of the bars every quarter to confirm the information reported by the refineries.
“Two Tether stablecoins, two defining audits from a Big Four,” said Paolo Ardoino, CEO of Tether. “KPMG counted every single bar as part of its Tether Gold audit. I firmly believe XAU₮ is on track to become the first true competitor to the gold ETF market, bringing more utility to the end user, from gold that can actually move and settle at the speed of light, to lower custody costs and higher transparency thanks to the blockchain technology. Tether proved its extremely scalable model with USD₮; now it’s time to expand it to gold.”
“This is another landmark for Tether’s Finance team,” said Simon McWilliams, Chief Financial Officer of Tether. “In August we completed one of the largest first-time audits ever undertaken. Today we add a second unqualified opinion, this time on a balance sheet built on physical gold. Our strategy was deliberate: start with the largest and most complex businesses, USD₮ and XAU₮, and set the standard for the industry. These milestones advance the progress towards audits across the whole of Tether. The audited figures are consistent with the reserves we have published every quarter.”
The XAU₮ audit follows KPMG’s unqualified audit for Tether International, S.A. de C.V., issuer of USD₮, announced in August 2026.
“Gold has been the ultimate store of value for centuries, and for millions of people in emerging markets it is still how savings are protected from inflation,” Ardoino added. “XAU₮ brings that protection on-chain for anyone, anywhere. Every holder, from individual savers to institutions holding it as a reserve asset, deserves to know exactly what they own. Just as with USD₮, the proof behind XAU₮ is no longer just a Tether promise. It’s a signed opinion from a Big Four auditor.”
