KPMG Signs Off on Tether Gold Issuer’s 2025 Books, Covering $2.2 Billion in Bullion

KPMG ‘s U.S. firm gave TG Commodities , the company that issues Tether’s gold-backed token Tether Gold (XAUT) , an unqualified opinion on its 2025 financial statements, Tether announced on Thursday. An unqualified opinion is an auditor’s finding, without reservations, that a company’s statements fairly present its finances in all material respects, here under U.S. accounting rules. Each XAUT token stands for one fine troy ounce of gold, the measure of a bar’s pure gold content, held in vaults in Switzerland. Tether publishes quarterly reserve reports on that gold; the latest, as of Sept. 30, was checked by accounting firm BDO. Tether said that at the end of 2025 the company had 520,089.35 fine troy ounces of allocated gold, meaning specific bars set aside for token holders.

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