TG Commodities reported 520,089.350 fine troy ounces of allocated gold and 520,089.300 XAU₮ in issue as of December 31, 2025.
KPMG U.S.’s completed audit included a physical count and inspection of every gold bar backing XAU₮. That work provided bar-level verification of the reserve.
The allocated gold was valued by Tether at $2.246 billion. Separately, the Tether Gold reserves report recorded cumulative XAU₮ market value of US$ 2,246,458,120 at 11:59 PM UTC on December 31, 2025, using a stated price of US$ 4,319.37 per ounce. The rounded reserve valuation and the timestamped market-value measure are distinct figures.
Data Snapshot
| Metric | Current | Previous | Change | Period | As of | Source |
|---|---|---|---|---|---|---|
| Allocated gold held by TG Commodities | 520,089.350 fine troy ounces | — | — | As of December 31, 2025 | December 31, 2025 | Tether |
| Value of allocated gold | $2.246 billion | — | — | As of December 31, 2025 | December 31, 2025 | Tether |
| XAU₮ in issue | 520,089.300 XAU₮ | — | — | As of December 31, 2025 | December 31, 2025 | Tether |
| Cumulative XAU₮ market value | US$ 2,246,458,120 | — | — | As of December 31, 2025 at 11:59 PM UTC | December 31, 2025 at 11:59 PM UTC | Tether Gold Reserves Report |
520,089.350 fine troy ounces held against 520,089.300 XAU₮
The audited inventory and token count were reported for December 31, 2025. According to Tether’s announcement, TG Commodities’ allocated gold holding totaled 520,089.350 fine troy ounces, with 520,089.300 XAU₮ in issue.
Those figures directly connect the physical-metal reserve disclosed by the issuer with the outstanding token supply at the reporting date. Tether stated that the gold stock was worth $2.246 billion. The Tether Gold Reserves Report separately recorded cumulative XAU₮ market value of US$ 2,246,458,120 as of December 31, 2025 at 11:59 PM UTC.
The report’s US$ 4,319.37-per-ounce price basis provides the stated reference point for that timestamped market-value figure. No previous-period reserve or supply figure was provided in the supplied disclosure, so it does not establish a period-on-period change in XAU₮ issuance or bullion holdings.
KPMG’s 2025 audit covered the individual gold bars
KPMG U.S. completed an independent audit of TG Commodities, S.A. de C.V., the issuer of Tether Gold, for the year ended December 31, 2025. KPMG issued an unqualified opinion on the company’s 2025 financial statements under U.S. generally accepted accounting principles, Tether said.
Crucially for the reserve claim, the firm physically counted and inspected every individual bar said to back XAU₮. The work verified each bar’s existence and identifying information, according to the issuer’s disclosure. That scope addresses the physical inventory underlying the reported fine-troy-ounce total rather than relying solely on a reported valuation.
Swiss vault custody and London Good Delivery gold
The gold backing XAU₮ is held in vaults in Switzerland and meets London Good Delivery standards, Tether said. The issuer also stated that the bullion is owned by XAU₮ token holders.
The audit concerns the year ended December 31, 2025, while Tether announced its completion on November 12, 2026. The disclosed audit result therefore provides verification for that year-end reserve position and not a real-time measure of current gold holdings or tokens in issue.
