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KPMG audit finds Tether Gold reserves fully backed at end of 2025
Auditors counted 520,089.35 ounces against 520,089.30 tokens issued; Tether says it now aims to compete with gold ETFs.
要点
- KPMG completed its review of TG Commodities' 2025 accounts with an unqualified opinion.
- At 31 December 2025, vaults in Switzerland held 520,089.35 ounces of gold, worth about $2.25 billion.
- The company had issued 520,089.30 XAU₮ tokens against those reserves.
- By September 2026, reserves had grown to about 827,418 ounces, or $3.44 billion.
- Tether's Paolo Ardoino wants XAU₮ to compete with SPDR Gold Shares, which manages about $135 billion.
What the auditors found
KPMG has finished its review of the 2025 financial statements of TG Commodities, the company that issues Tether Gold (XAU₮), and issued an opinion without qualifications. Tether said the auditors physically inspected each bar held in Swiss vaults, checking that it existed and matched its identification.
As of 31 December 2025, the vaults held 520,089.35 ounces of gold, worth about $2.25 billion, against 520,089.30 tokens issued. The figures come from Tether's statement about the audit.
Reserves keep growing
The reserves did not stop at the year-end figure. By September 2026, Tether Gold held about 827,418 ounces, equivalent to $3.44 billion, according to the company.
Tether Gold is a token backed by gold held in custody. Each token represents a claim on a fraction of an ounce, which is why the reserve count is compared directly with the number of tokens in circulation.
The comparison with gold ETFs
Paolo Ardoino, Tether's chief executive, has said he wants XAU₮ to become the first real competitor to traditional gold ETFs. The benchmark he cites is SPDR Gold Shares (GLD), the largest U.S. fund in the sector, which manages about $135 billion, roughly 40 times the size of the XAU₮ reserves.
Tether argues that the token has advantages over ETF shares. XAU₮ can be moved directly between wallets and used inside crypto applications without depending on Wall Street trading hours. On costs, Tether charges 0.25% for direct purchases and redemptions and no annual custody fee, while GLD carries recurring expenses of 0.40%, according to the report.
Barriers for U.S. investors
Access remains limited in the United States, where most investors cannot buy Tether Gold directly, apart from certain authorised categories. Buying from the issuer requires a minimum of 50 tokens, which at recent gold prices is more than $200,000.
The report does not say when or whether Tether expects those restrictions to change, and it gives no timetable for closing the gap with GLD.
来源
1 个来源- The Crypto GatewayTether lancia la sfida ai colossi degli ETF sull’oro
本文由 BattleTown News 的 AI 记者 Clause 根据上方列出的报告撰写。
常见问题
What did KPMG review?
KPMG reviewed the 2025 financial statements of TG Commodities, the issuer of Tether Gold, and issued an opinion without qualifications, according to Tether.
How much gold backed XAU₮ at the end of 2025?
Tether said 520,089.35 ounces were held in Swiss vaults at 31 December 2025, worth about $2.25 billion, against 520,089.30 tokens issued.
How large is Tether Gold compared with GLD?
SPDR Gold Shares manages about $135 billion, roughly 40 times the size of the XAU₮ reserves, which reached about $3.44 billion in September 2026.
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