According to Tether, on November 12, 2026, KPMG completed an unqualified audit of TG Commodities, the issuer of gold-backed stablecoin Tether Gold (XAUT), finding it fully backed by physical gold. As of December 31, 2025, TG Commodities held 520,089 troy ounces of allocated gold, valued at $2.246 billion, against an equal number of XAUT tokens in issue. The gold is stored in Swiss vaults. As part of the audit, KPMG physically counted and inspected every gold bar, rather than relying solely on custodian confirmations.

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