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KPMG gives Tether Gold a clean audit, counting every bar behind $2.2 billion of XAUT
🟢Bullish for $USDTA clean Big Four audit with a physical bar count answers a long-running criticism of Tether's reserve reporting.News sentiment, not financial advice. It reflects the likely impact of this news, not a price prediction.
Summary
KPMG issued an unqualified, or 'clean,' opinion on the 2025 financial statements of TG Commodities, the issuer of Tether's gold-backed XAUT token, Tether said Thursday, according to Decrypt and The Block.
As of Dec. 31, 2025, the issuer held 520,089.350 troy ounces of gold worth $2.246 billion against 520,089.300 XAUT in circulation, both outlets reported.
Tether said KPMG physically inspected and counted every gold bar backing the token, which is stored in Switzerland.
It is Tether's second Big Four audit after KPMG's clean opinion on USDT issuer Tether International, announced in August.
Key facts
- The Block: a KPMG spokesperson confirmed the firm issued the unqualified opinion under AICPA standards.
- Tether CEO Paolo Ardoino said 'KPMG counted every single bar' and that XAUT 'is on track to become the first true competitor to the gold ETF market,' Decrypt reported.
- CFO Simon McWilliams said Tether started 'with the largest and most complex businesses, USDT and XAUT,' is working toward audits of its other businesses, and that the audited figures matched its quarterly reserve reports, The Block reported.
- Decrypt: Tether's latest USDT attestation by BDO, to Sept. 30, showed $191.5 billion in reserve assets against $183.5 billion in liabilities.
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