The transparency of gold-backed stablecoins has crossed another threshold. TG Commodities, the issuer of Tether Gold ($XAUT ), has completed an independent audit of its financial statements for fiscal year 2025 by KPMG US and received an unqualified opinion. It is also the second Tether stablecoin to complete a Big Four audit.
A few details are worth more attention than the conclusion itself:
1. Reserves match one-to-one: As of December 31, 2025, 520,089.350 troy ounces of physical gold were held in custody, valued at approximately $2.246 billion, against 520,089.300 XAUT tokens issued—a difference of just 0.05 ounces.
2. The audit was not just “collecting confirmation letters”: KPMG physically counted and inspected every gold bar backing XAUT, rather than relying solely on written confirmation from the custodian. At a time when reserve attestations in the industry generally stop at confirmation letters, this level of bar-by-bar verification is uncommon.
3. Clear ownership of assets: The gold is held in Swiss vaults and meets London Good Delivery (LBMA) standards. It belongs to XAUT holders, rather than being ordinary inventory on the issuer’s balance sheet.
An unqualified opinion does not predict a token’s price, but for a token backed by physical assets, “the underlying assets genuinely exist and can be independently verified” is the foundation of trust. A Big Four audit plus a bar-by-bar count at least puts this question squarely on the table.
#TetherGold #黄金 #Stablecoin
A few details are worth more attention than the conclusion itself:
1. Reserves match one-to-one: As of December 31, 2025, 520,089.350 troy ounces of physical gold were held in custody, valued at approximately $2.246 billion, against 520,089.300 XAUT tokens issued—a difference of just 0.05 ounces.
2. The audit was not just “collecting confirmation letters”: KPMG physically counted and inspected every gold bar backing XAUT, rather than relying solely on written confirmation from the custodian. At a time when reserve attestations in the industry generally stop at confirmation letters, this level of bar-by-bar verification is uncommon.
3. Clear ownership of assets: The gold is held in Swiss vaults and meets London Good Delivery (LBMA) standards. It belongs to XAUT holders, rather than being ordinary inventory on the issuer’s balance sheet.
An unqualified opinion does not predict a token’s price, but for a token backed by physical assets, “the underlying assets genuinely exist and can be independently verified” is the foundation of trust. A Big Four audit plus a bar-by-bar count at least puts this question squarely on the table.
#TetherGold #黄金 #Stablecoin