Tether Gold completes KPMG “clean” audit confirming $2.2 billion physical gold backing

Key Points

KPMG issues an unqualified (“clean”) opinion on TG Commodities’ 2025 financial statements.
KPMG reportedly physically counted and inspected every gold bar backing XAUT.
TG Commodities held 520,089.350 troy ounces of allocated gold (valued at about $2.246 billion) as of year-end 2025.
The reports say the allocated gold corresponds to 520,089.300 XAUT tokens in issue.
The gold is reported to be held in Switzerland vaults.

Where coverage differs

All three outlets agree on the core facts: KPMG issues an unqualified opinion for TG Commodities’ 2025 accounts and is described as physically counting the gold bars backing XAUT. They also converge on the linkage between allocated gold and the number of tokens in issue, and that the audit is a Big Four effort. Differences appear in emphasis rather than substance. ZeroHedge adds broader context about prior criticism and includes a claim from Tether’s CEO about competition with gold ETFs, while Decrypt keeps the framing more strictly on the audit confirmation. The Block foregrounds the “follow USDT” connection to Tether’s earlier audit, but provides less detail about the bar-by-bar count in its summary.

See what each outlet emphasised ↓

Tether Gold’s issuer, TG Commodities, completes its first full audit by accounting firm KPMG, with the auditor issuing an unqualified (“clean”) opinion on the company’s 2025 financial statements. The reports say KPMG physically counted and inspected the gold bars backing the XAUT token rather than relying only on third-party confirmations.

According to the outlets, at the end of 2025 TG Commodities held 520,089.350 troy ounces of allocated gold valued at $2.246 billion, corresponding to 520,089.300 XAUT tokens in issue. The gold is reportedly held in vaults in Switzerland, with each token linked to ownership interest in specific bars.

The coverage also places the audit in context of Tether’s broader shift toward Big Four review. One outlet highlights that this is the second full audit by a major firm, following a similarly described clean opinion for the issuer of USDT, and notes earlier criticism of Tether’s reliance on quarterly attestations rather than full audits. Other outlets focus more narrowly on the confirmation that XAUT is fully backed and that KPMG issued the clean opinion.

This summary is generated automatically from the reporting of the outlets listed on this page. Follow their links for the full coverage.

How Outlets Covered This Story

ZER

ZeroHedge

Right

"Counted Every Single Bar": Tether Gold Gets Clean KPMG Audit Confirming $2.2B In Physical Gold

ZeroHedge leads with the emphasis that KPMG counted every single bar and highlights the reported $2.2B physical backing, framing it as a step toward competing with gold ETFs.

2 hours ago

DEC

Decrypt

Independent

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

Decrypt focuses on the audit outcome and mechanics in a straightforward way, emphasizing that KPMG counted every gold bar behind XAUT and that this is a Big Four full audit.

5 hours ago

THE

The Block (crypto)

Independent

Tether Gold issuer follows USDT to complete Big Four audit

The Block centers the continuity with Tether’s prior USDT audit by stating the gold issuer “follows USDT” to complete a Big Four audit, using KPMG’s clean opinion as the key point.

6 hours ago

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Tether Gold completes KPMG “clean” audit confirming $2.2 billion physical gold backing

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