Tether Gold Passes KPMG Audit: 520K Ounces, $2.25B in Gold

Tether said on Nov. 12, 2026 that its gold-backed token Tether Gold (XAU₮) has completed an audit by KPMG U.S. According to Tether's announcement, it is the issuer's second stablecoin to be audited by a Big Four firm. The opinion is unqualified.

Details

The audit covers the year ended Dec. 31, 2025. Tether reports that vaults in Switzerland hold 520,089.350 fine troy ounces of allocated physical gold meeting the London Good Delivery standard, valued at $2.246B. XAU₮ in circulation stands at 520,089.300 tokens, so the gold covers the whole supply.

The company says KPMG did not rely only on custodian confirmations and physically counted and inspected every bar. CEO Paolo Ardoino said: "KPMG counted every single bar as part of its Tether Gold audit."

Tether's first Big Four audit was for USD₮, which KPMG completed in August 2026, the company says. The news first surfaced in the Unfolded Telegram feed; the full announcement is on Tether's site.

What it means for the market

A full audit rather than periodic attestations is a step toward transparency for tokenized gold: holders get independent confirmation that each token is backed by a physical bar. For Tether it also supports a reserve-credibility push it has pursued in recent years.

The gold price and XAU₮'s market cap move with the market, not with the report; an audit confirms reserves, but says nothing about future returns. For context, see the Tether coin page and the daily brief.