#tethergoldxautcompleteskpmgaudit KPMG gave Tether Gold a clean audit. Here's what it proves, and what it doesn't 🔍
On Nov 12, Tether announced KPMG U.S. issued an unqualified opinion on TG Commodities, the issuer behind
$XAUT , for FY2025. Per Tether, KPMG physically counted every gold bar in Swiss vaults.
✅ Verified (Dec 31, 2025)
• 520,089.35 oz of gold vs 520,089.30 XAUT in circulation
• ~$2.246B in bullion, ~1:1 coverage
• Second Big Four audit after the USDT issuer in August
⚠️ What the cross-check shows
• One entity, one year: data is ~10 months old
• XAUT supply has since grown ~59% to ~827K tokens, backed by management confirmation and third-party bar sampling, not a full count
• The opinion letter reportedly isn't public and doesn't cover redemption terms
🧠 My take: a real step up from attestations, but a snapshot, not a live guarantee. Spot gold also dipped below $4,000, so price risk is separate from backing risk.
Comparing
$XAUT with
$PAXG ? Check audit date and scope.
Does a clean audit change how you view tokenized gold?
#XAUT #TokenizedGold #RWA $XAUT $PAXG