KPMG US issued an unqualified audit opinion on the financial statements of TG Commodities, S.A. de C.V., the issuer of Tether Gold (XAU₮), for the year ended December 31, 2025. The audit confirms that every token in circulation was fully backed by allocated physical gold, with 520,089.350 fine troy ounces valued at approximately $2.246 billion. The firm physically counted every gold bar, verified its serial number and confirmed its custody in certified Swiss vaults that meet London Good Delivery standards. The audited period covers reserves at the end of 2025, while the reported increase to more than 827,000 ounces in the third quarter of 2026 is covered by BDO Italia’s quarterly attestations until the next full audit.
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