Tether says KPMG found Tether Gold fully backed at year-end 2025

The year-end counts are on the release. As of December 31, 2025, TG Commodities held 520,089.350 fine troy ounces of allocated gold, valued at $2.246 billion, against 520,089.300 tokens in issue. The gold is held in vaults in Switzerland and meets London Good Delivery standards. Token holders own it. Each token is an undivided ownership interest in that gold.

KPMG physically counted and inspected every individual gold bar backing Tether Gold. The release says the count checked that each bar existed and matched its identifying information. It was not limited to a letter from the custodian. An unqualified opinion, in the release's own terms, means KPMG found that the statements present fairly, in all material respects, the company's position at December 31, 2025, and the year's operations and cash flows, under U.S. generally accepted accounting principles. The opinion carries no reservations, exceptions, or caveats.

This is the second Tether stablecoin to get that review. In August 2026, KPMG issued an unqualified opinion on Tether International, the issuer of the dollar token. Chief executive Paolo Ardoino said KPMG counted every bar in the gold audit. He also said the audited figures match the reserves Tether has published each quarter. The release does not update those figures past December 31, 2025.