Tether Gold Clears KPMG Audit, but GLD Still Dominates the Gold Investment Market
Tether Gold (XAU₮) has secured a clean audit from KPMG, strengthening its position in the growing tokenized gold market. The development puts the cryptocurrency closer to competing with traditional gold investment products, including SPDR Gold Shares (GLD), America’s largest gold exchange-traded fund.
However, significant differences in market size, investment costs, and U.S. accessibility could limit Tether Gold’s ability to challenge established gold ETFs.
KPMG Audit Confirms Tether Gold Reserves
On November 12, 2026, Tether announced that KPMG U.S. had completed an independent audit of TG Commodities, the company issuing XAU₮.
The audit covered financial statements for the year ending December 31, 2025. KPMG issued an unqualified opinion, confirming that the statements fairly represented the company’s financial position under U.S. accounting standards.
According to Tether, auditors physically inspected and counted every gold bar supporting XAU₮ in Swiss vaults.
The examination identified 520,089.350 fine troy ounces of gold worth approximately $2.246 billion. That amount backed 520,089.300 XAU₮ tokens, with each token representing ownership of one troy ounce of physical gold.
XAU₮ Faces a Massive Size Gap With GLD
Despite the audit milestone, Tether Gold remains considerably smaller than its traditional investment rival.
Tether’s September 2026 reserves report valued its gold holdings at approximately $3.44 billion. Meanwhile, GLD manages assets exceeding $100 billion, giving the established ETF a substantial advantage in market scale.
The products also follow different pricing structures. GLD charges an annual expense ratio of 0.40%, while Tether Gold has no recurring management fee.
Instead, Tether charges 0.25% for direct purchases and another 0.25% for redemptions. Additional blockchain transaction fees and trading costs may apply.
U.S. Restrictions Could Limit Tether Gold Growth
Accessibility presents another major challenge for XAU₮.
Tether’s terms generally prevent U.S. persons from opening accounts or purchasing tokens directly, subject to limited exceptions. Direct purchases also require a minimum of 50 tokens, creating a substantial entry barrier.
GLD, by comparison, is available through ordinary U.S. brokerage accounts and offers investors exposure without managing cryptocurrency wallets.
Furthermore, KPMG’s audit covers reserves held at the end of 2025, not subsequent token issuance. Tether’s September 2026 reserve report provides newer figures but does not replace a full financial audit.
Ultimately, Tether Gold offers blockchain-based transfers and a different fee structure. However, GLD’s established distribution network, larger asset base, and broader U.S. accessibility remain formidable competitive advantages.
