【Tether hands over more than 2,500 gold bars to KPMG for an inventory count, earning XAUT the trust of the on-chain gold market】
On November 12, TG Commodities, the issuer of Tether’s gold token $XAUT , received an unqualified audit opinion from KPMG. Auditors counted and verified every gold bar in the Swiss vaults. At the end of 2025, the gold holdings amounted to more than 520,000 ounces, worth $2.246 billion, roughly matching the amount of XAUT in circulation one-for-one. For Tether, whose reserve transparency has long been questioned, this marks a significant breakthrough.
XAUT has also expanded rapidly this year. As of September 30, its gold reserves had reached 827,400 ounces, worth $3.44 billion—up 59% from the start of the year. The tokenized gold market as a whole is worth around $5.5 billion, and XAUT already accounts for a substantial share.
The real value of this audit is that it lowers the trust barrier for institutions looking to enter the on-chain gold market. However, the audit report has not yet been made public, and KPMG audited the financial position at the end of 2025, without covering gold reserves added since then. To truly challenge gold ETFs, XAUT needs more than gold bars and an audit: ongoing disclosures, a redemption mechanism, and custody transparency are equally important. Tether has indeed taken a major step, but it still has a way to go before becoming a genuine competitor in the traditional gold investment market.
#xaut完成毕马威审计获无保留意见
On November 12, TG Commodities, the issuer of Tether’s gold token $XAUT , received an unqualified audit opinion from KPMG. Auditors counted and verified every gold bar in the Swiss vaults. At the end of 2025, the gold holdings amounted to more than 520,000 ounces, worth $2.246 billion, roughly matching the amount of XAUT in circulation one-for-one. For Tether, whose reserve transparency has long been questioned, this marks a significant breakthrough.
XAUT has also expanded rapidly this year. As of September 30, its gold reserves had reached 827,400 ounces, worth $3.44 billion—up 59% from the start of the year. The tokenized gold market as a whole is worth around $5.5 billion, and XAUT already accounts for a substantial share.
The real value of this audit is that it lowers the trust barrier for institutions looking to enter the on-chain gold market. However, the audit report has not yet been made public, and KPMG audited the financial position at the end of 2025, without covering gold reserves added since then. To truly challenge gold ETFs, XAUT needs more than gold bars and an audit: ongoing disclosures, a redemption mechanism, and custody transparency are equally important. Tether has indeed taken a major step, but it still has a way to go before becoming a genuine competitor in the traditional gold investment market.
#xaut完成毕马威审计获无保留意见