Tether Gold, the gold-backed token known by the ticker XAUT, has completed a full audit by KPMG and received a clean opinion, according to Tether. The review covered the 2025 accounts of TG Commodities, the entity that issues the token, and was carried out by the U.S. arm of the accounting firm.
Wire coverage of the announcement put the value of the physical gold backing the token at $2.2 billion. Reporting also said the auditors physically counted every gold bar that stands behind XAUT, rather than relying only on documents or statements about the holdings. A clean opinion, in audit terms, means the accountants found no material problems that would require them to qualify their conclusion on the accounts they examined.
The result makes XAUT the second Tether product to pass a full audit by one of the Big Four accounting firms, following the company's flagship dollar stablecoin USDT. The Big Four are the four largest global accounting networks, and an audit from one of them is widely regarded as a higher bar of assurance than the shorter attestation reports that stablecoin issuers have historically published.
Background helps explain why the audit draws attention. Tether Gold is a token designed to represent ownership of physical gold, so its value depends on the metal actually being held in the quantities claimed. Because holders cannot inspect the vaults themselves, independent verification of the bars and the issuer's accounts is the main way the market can test that claim. Tether has faced persistent questions over the years about the reserves behind its products, which makes third-party audit work a recurring point of scrutiny.
The sources reviewed by FXMARE do not detail the specific audit procedures, the vault locations or the exact weight of gold counted, and they do not describe any market reaction in XAUT or in gold prices following the announcement. The audit finding itself, as relayed in reports, comes from Tether's own announcement of the KPMG opinion.
Why it matters for traders
Gold-backed tokens are only as credible as the metal and accounts behind them, so a full audit with a physical bar count addresses a core concern for anyone holding or trading XAUT. It also extends Tether's record of Big Four audit work from USDT to a second product, which may influence how the wider market views reserve transparency among token issuers.