TG Commodities, S.A. de C.V., reported in its Tether Gold Reserves Report that Tether Gold (XAUT) had 827,417.630 fine troy ounces in reserves against 827,417.630000 tokens in circulation at Sept. 30, valued at $3.44 billion.
The reserve report was authorized and approved Oct. 30, a month after the balance date. BDO Advisory Services S.r.l. issued a reasonable-assurance opinion on the Tether Gold Reserves Report, concluding that it was fairly presented in all material respects. The opinion covered the report and related Sept. 30 balances only; it offered no assurance for another date or time. That makes the opinion a point-in-time assessment; it does not cover later reserve or circulation changes.
The schedule records 827,417.630 fine troy ounces of gold and 827,417.630000 XAUT in circulation. It lists a gold price of $4,157.41 an ounce and a total reserve value of $3,439,914,329. The 59% year-end comparison refers to reserve ounces; the dollar valuation uses the Sept. 30 price in the schedule.
Tether’s announcement put year-end 2025 reserves at 520,089 fine troy ounces, about 16.2 metric tons, compared with 827,417.630 ounces, or about 25.7 metric tons, on Sept. 30; the ounce count rose 59%. Tether attributed the increase to demand for tokens tied to physical gold and said holders had added more than nine metric tons since January. The quarter-end tally measures holdings at that date; it does not provide a later balance.
Each XAUT corresponds to one fine troy ounce held in reserve, the report says. The report lists 709,323.66 XAUT as sold and 118,093.97 as available for sale, figures that together account for the reported circulating supply. The report also says holders own an undivided interest in gold held in specified bars.
The reserve report says the bars are vaulted in Switzerland and satisfy the London Bullion Market Association’s (LBMA) London Good Delivery criteria. The report lists 2,057 bars in the 12.5-kilogram category, 15 one-kilogram bars and 18 half-kilogram bars; Tether said 766 London Good Delivery bars were added through Sept. 30. It describes quarterly sample testing of the bars but gives no date for the next test.
