Tether Gold (XAU₮), the gold-backed digital asset issued by TG Commodities, S.A. de C.V., has received an unqualified audit opinion from KPMG U.S. for its financial statements covering the year ended December 31, 2025. The opinion represents the highest level of assurance an independent auditor can provide and marks another step in Tether's efforts to strengthen transparency across its digital asset offerings.

The outcome makes XAU₮ the second stablecoin within the Tether ecosystem to reach this level of independent financial scrutiny. The first was USD₮, whose issuer, Tether International, completed a comparable audit in August 2026. The latest engagement examined the financial position and underlying reserves of the gold-backed token, providing an independent assessment of the physical assets supporting its issuance.

KPMG Verifies More Than 520,000 Ounces of Physical Gold

According to the audited financial statements, XAU₮ was fully backed by 520,089.350 fine troy ounces of allocated physical gold as of December 31, 2025, with the reserves valued at approximately $2.246 billion at the reporting date. Each XAU₮ token represents an undivided ownership interest in specifically identified gold bars held in Swiss vaults. Allocated structures of this kind tie a holder's claim to particular, individually identified bars rather than to a general pool of metal, in contrast to unallocated arrangements in which investors hold a claim against a custodian's combined holdings. The metal meets London Good Delivery standards, the internationally recognized requirements governing the quality, weight, and identification of gold bars used in professional bullion markets.

As part of the verification process, KPMG physically inspected and counted the gold bars backing the tokens and examined their identifying information to establish that the reported assets existed, rather than relying exclusively on confirmations provided by third-party custodians. The physical inspection and verification supplied independent evidence that XAU₮ was fully backed by allocated gold worth approximately $2.246 billion at the end of 2025.

Unqualified Opinion Strengthens Financial Transparency

An unqualified audit opinion indicates that an auditor considers the financial statements to present a company's financial position, operating results, and cash flows in accordance with U.S. generally accepted accounting principles (GAAP). Across the stablecoin industry, issuers have more commonly relied on reserve attestations, which are narrower in scope and provide a lower level of assurance than full audits. Viewed against that backdrop, a completed audit carrying an unqualified opinion stands out as an uncommon form of disclosure for a token issuer. For XAU₮ holders, the assessment adds a further layer of financial transparency regarding the assets supporting the digital token, a point of particular relevance for institutional investors and individuals seeking blockchain-based exposure to gold without directly managing physical bullion.

The audit also complements Tether's existing quarterly reserve reporting practices. By subjecting its gold-backed asset issuer to an independent financial examination, the company is seeking to provide greater assurance about the relationship between its token supply and the physical commodities held in reserve.

Tether Sees Opportunity to Challenge Traditional Gold ETFs

Tether CEO Paolo Ardoino highlighted XAU₮'s potential to compete with conventional gold exchange-traded funds (ETFs), pointing to advantages that include lower custody expenses, increased transparency, and faster settlement through blockchain technology. The comparison reflects Tether's broader ambition to bring traditional financial assets onto blockchain networks. Gold ETFs give investors exposure to gold prices through exchange-traded financial products, while XAU₮ offers a tokenized structure backed by allocated physical bullion.

Tether Chief Financial Officer Simon McWilliams also outlined the company's approach to financial transparency, indicating that it deliberately prioritized its largest and most complex asset operations, USD₮ and XAU₮, when establishing a framework for independent financial scrutiny. The strategy suggests that Tether intends to apply similar transparency standards across its wider stablecoin operations as its digital asset business expands.

Tokenized Gold Gains Institutional Relevance

The completed audit underscores the growing intersection between traditional commodities and blockchain-based financial products. Tokenized gold can offer investors access to ownership interests in physical bullion while benefiting from digital transfer and settlement capabilities.

By combining allocated physical gold with blockchain-based ownership and settlement, XAU₮ aims to provide an alternative structure for investors seeking exposure to gold through digital financial infrastructure.

Although Tether has positioned the token as a potential competitor to the traditional gold ETF market, its long-term adoption will depend on investor demand, regulatory developments, liquidity, and confidence in its custody arrangements. The KPMG audit adds an independent layer of financial verification to that proposition, reinforcing Tether's efforts to connect traditional reserve-backed assets with the expanding digital asset market. Additional details about the token are available on the official Tether Gold website.