TG Commodities, the issuer of Tether Gold (XAU₮), received an unqualified opinion from KPMG U.S. on its financial statements for the year ended Dec. 31, 2025. The audit covered 520,089.35 fine troy ounces of allocated physical gold valued at approximately $2.25 billion and included an on-site inspection and count of individual bars, with identifying details checked against supporting records. Each token represents one fine troy ounce of gold held in certified Swiss vaults that meet London Good Delivery standards. The engagement marks Tether Gold’s first Big Four audit after more than five years of limited independent disclosures and follows its first product-specific reserve attestation in April 2025. Tether later reported reserves of about 707,747 ounces by March 31, 2026, and 827,417.63 ounces valued at $3.44 billion as of Sept. 30, 2026. Of the tokens minted at the latter date, about 709,323.66 had been sold and 118,093.97 remained available. The audit is Tether Gold’s second Big Four engagement after KPMG’s separate review of Tether International’s 2025 accounts, which found reserves exceeded liabilities tied to issued tokens by $6.814 billion at year-end. Tether’s expanded audit program follows years of scrutiny over USDT disclosures, including a $41 million CFTC settlement in 2021. XAU₮ remains less accessible than exchange-traded gold funds: Tether bars most U.S. persons from opening accounts, direct purchases start at 50 tokens, and fees are 0.25% for buying and redeeming, versus annual expense ratios of 0.40% for GLD and 0.10% for GLDM.