Tether’s gold‑backed token, XAUT (also marketed as XAU₮), passed its first full audit by a Big Four firm when KPMG U.S. released an unqualified opinion on the token’s 2025 financial statements. The audit, covering the year ended December 31 2025, verified that the vaults in Switzerland held 520,089.35 fine troy ounces of gold, valued at approximately $2.25 billion, matching the 520,089.30 tokens in circulation.

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Audit Scope and Findings

According to the audit report, KPMG physically inspected and counted each gold bar, cross‑checking serial numbers with the supporting records of TG Commodities, S.A. de C.V., the entity that issues XAUT. The firm concluded that the audited financial statements fairly presented the issuer’s financial position, issuing the cleanest possible opinion for a crypto‑backed asset.

Reserve Growth Since 2025

Tether’s quarterly reserve attestations show rapid growth after the 2025 audit. By March 31 2026, reserves rose to about 707,747 ounces (over $3.3 billion), and the September 30 2026 BDO‑prepared attestation recorded 827,417.63 ounces, valued at $3.44 billion. Of the tokens minted at that date, roughly 709,324 had been sold while 118,094 remained available.

Implications for the Gold ETF Market

Tether’s CEO has positioned XAUT as a potential challenger to traditional gold ETFs such as SPDR Gold Shares (GLD), which manages $134.29 billion—about 39 times XAUT’s $3.44 billion market size. While XAUT’s fee structure (0.25% to buy and redeem, no annual fee) is lower than GLD’s 0.40% expense ratio, U.S. investors remain largely excluded; the token’s terms bar U.S. persons except for qualified institutions and high‑net‑worth investors, and the minimum purchase of 50 tokens costs roughly $208,000.

What to Watch Next

Analysts will monitor whether Tether expands XAUT’s accessibility to U.S. investors, how the token’s reserve growth tracks demand, and if the audit sets a precedent for broader financial statement audits of other tokenized assets.

FAQ

What does an unqualified opinion mean for Tether Gold?

It indicates that KPMG believes the audited financial statements present a true and fair view of the token’s gold reserves and financial position.

Can U.S. investors buy XAUT directly?

No, the token’s terms restrict U.S. persons from opening accounts, allowing only qualified institutions and wealthy investors to purchase.