Audit firm KPMG has completed its audit of the financial statements of TG Commodities — the issuer of the gold-backed token XAUT — for 2025 and issued an unqualified opinion. This is the first time Tether's gold stablecoin has undergone a full audit by a Big Four firm.
The key feature of the audit was the physical recount of bullion bars in Swiss vaults. KPMG specialists did not limit themselves to documentary confirmation — the reserves were verified in physical form, which elevates the transparency of XAUT's backing to a qualitatively new level for the tokenized gold segment.
Reserve structure at the end of 2025
As of the reporting date, TG Commodities' reserves amounted to 520,089 troy ounces of gold with a total value of $2.25 billion. Every ounce backing the token issuance has been confirmed by the auditor with an unqualified opinion — that is, without any material qualifications to the financial statements.
XAUT became the second stablecoin in the Tether ecosystem after USDT whose issuer has passed a full audit by a Big Four firm. For the market, this is a landmark precedent: the largest dollar stablecoin by market capitalization and its gold counterpart now have independent reserve confirmation from a top-tier auditor.
Such verification is especially important for instruments backed by a physical asset: investors receive not an issuer's declaration, but the opinion of an international auditor confirming both the volume and the actual presence of gold in the vaults.
Cryptalist analysis: Conducting a full audit with a physical recount of bullion bars strengthens the institutional legitimacy of tokenized gold and sets a new transparency standard for competitors in the segment. For XAUT, this is a factor in reducing the discount to the metal's spot price and increasing trust on the part of conservative investors. In a broader context, reserve verification by a Big Four firm accelerates the integration of stablecoins into regulated financial infrastructure.