Tether Gold Gets Clean KPMG Audit Confirming $2.2B in Physical Gold Backing

KPMG’s first full audit of Tether Gold found that the token was fully backed by physical gold, giving the issuer’s financial statements an unqualified opinion. The result matters because Tether has faced scrutiny over relying on reserve attestations, which provide snapshots, rather than full audits.

At 31 December 2025, TG Commodities held 520,089.350 troy ounces of allocated gold worth $2.246 billion, against 520,089.300 XAUT tokens in circulation. The gold is stored in Swiss vaults, and KPMG said it physically counted and inspected every backing bar. Tether continues to publish quarterly attestations for its USDT stablecoin; its latest reported $191.5 billion in reserve assets against $183.5 billion in liabilities.