Tether Gold (XAU₮) has received a clean audit from KPMG, reinforcing its standing in the fast-growing tokenized gold sector and bringing the token closer to competing with conventional gold investment products such as SPDR Gold Shares (GLD), the largest gold exchange-traded fund in the United States. Even so, wide gaps in market size, fee structures, and accessibility for U.S. investors may constrain XAU₮'s ability to challenge established gold ETFs.

KPMG Audit Confirms Tether Gold Reserves

On November 12, 2026, Tether announced that KPMG U.S. had completed an independent audit of TG Commodities, the issuer behind XAU₮. The engagement covered financial statements for the year ending December 31, 2025, and resulted in an unqualified opinion, meaning the statements fairly represented the company's financial position under U.S. accounting standards. In tokenized gold, where credibility hinges on whether each issued token is matched by metal sitting in a vault, an outside audit that includes a physical count of the bars gives holders an independent reference point on that question for the period under review.

According to Tether, auditors physically inspected and counted every gold bar backing XAU₮ in Swiss vaults. The verification identified 520,089.350 fine troy ounces of gold — the troy ounce, at roughly 31.1 grams, is the standard unit for weighing precious metals — with an approximate value of $2.246 billion. Those holdings supported 520,089.300 XAU₮ tokens, each representing ownership of one troy ounce of physical gold.

A Wide Size Gap Separates XAU₮ From GLD

Despite the audit milestone, Tether Gold remains considerably smaller than its traditional rival. Tether's September 2026 reserves report (ISAE 3000R opinion, PDF) valued its gold holdings at roughly $3.44 billion, while GLD manages assets exceeding $100 billion — a scale advantage that is difficult to overstate. ISAE 3000R is an assurance standard for independent engagements that fall outside the audit of historical financial statements, so a reserve report prepared under it serves a different purpose than the full audit KPMG completed.

The two products also price differently. GLD carries an annual expense ratio of 0.40%, whereas Tether Gold imposes no recurring management fee. Instead, Tether applies a 0.25% charge on direct purchases and another 0.25% on redemptions, with blockchain transaction fees and trading costs potentially adding further expenses.

U.S. Restrictions May Cap XAU₮ Growth

Accessibility presents another major hurdle. Tether's terms generally prevent U.S. persons from opening accounts or purchasing tokens directly, subject to limited exceptions. Direct purchases also require a minimum of 50 tokens, creating a substantial entry barrier. GLD, by contrast, is available through ordinary U.S. brokerage accounts and offers gold exposure without requiring investors to manage cryptocurrency wallets.

There is also a timing caveat: KPMG's audit covers reserves held at the end of 2025 and does not extend to subsequent token issuance. Tether's September 2026 reserve report provides newer figures, but it does not replace a full financial audit. Future audit engagements covering later fiscal years, together with interim reserve reports, remain the available reference points for tracking how XAU₮'s backing has evolved since the audited period.

Ultimately, Tether Gold offers blockchain-based transfers and a distinct fee structure. However, GLD's established distribution network, far larger asset base, and broader U.S. accessibility remain formidable competitive advantages.