Tether Gold’s issuer, TG Commodities, ended 2025 with 520,089.350 troy ounces of allocated gold, valued at $2.246 billion, against 520,089.300 XAUT tokens in circulation, a surplus of 0.05 of a troy ounce. KPMG issued an unqualified opinion on the 2025 financial statements, meaning it found them fairly presented in all material respects, and Tether says the firm physically counted and inspected the gold bars rather than relying only on custodian reports. That gives institutions an independent year-end check on the reported backing.