#tethergoldxautcompleteskpmgaudit
KPMG conducted an unqualified audit of Tether Gold. Here’s what it proves—and what it doesn’t 🔍
On November 12, Tether announced that KPMG U.S. had issued an unqualified opinion on TG Commodities, the issuer behind XAUT, for fiscal year 2025. According to Tether, KPMG physically counted every gold bar in the Swiss vaults.
✅ Verified (December 31, 2025)
• 520,089.35 oz of gold versus 520,089.30 XAUT in circulation
• ~$2.246B in gold bars, with approximately 1:1 coverage
• Second audit conducted by a Big Four firm, following the audit of USDT’s issuer in August
⚠️ What the cross-check reveals
• One entity, one year: the data is about 10 months old
• XAUT’s supply has since increased by about 59% to ~827K tokens, supported by management confirmation and third-party sampling of the bars, not a full count
• The opinion letter is reportedly not public and does not cover redemption terms
🧠 My take: a real improvement over attestations, but it’s a snapshot, not a real-time guarantee. The spot price of gold has also fallen below $4,000, so price risk is separate from reserve risk.
Does an unqualified audit change how you view tokenized gold?
$AKE #AKE
$XAUT
$BARD #BARD
KPMG conducted an unqualified audit of Tether Gold. Here’s what it proves—and what it doesn’t 🔍
On November 12, Tether announced that KPMG U.S. had issued an unqualified opinion on TG Commodities, the issuer behind XAUT, for fiscal year 2025. According to Tether, KPMG physically counted every gold bar in the Swiss vaults.
✅ Verified (December 31, 2025)
• 520,089.35 oz of gold versus 520,089.30 XAUT in circulation
• ~$2.246B in gold bars, with approximately 1:1 coverage
• Second audit conducted by a Big Four firm, following the audit of USDT’s issuer in August
⚠️ What the cross-check reveals
• One entity, one year: the data is about 10 months old
• XAUT’s supply has since increased by about 59% to ~827K tokens, supported by management confirmation and third-party sampling of the bars, not a full count
• The opinion letter is reportedly not public and does not cover redemption terms
🧠 My take: a real improvement over attestations, but it’s a snapshot, not a real-time guarantee. The spot price of gold has also fallen below $4,000, so price risk is separate from reserve risk.
Does an unqualified audit change how you view tokenized gold?
$AKE #AKE
$XAUT
$BARD #BARD
