Tether’s attestation report, completed by BDO Italia S.p.A., independently verified that 246,524.33 fine troy ounces of gold were held in custody as of March 31, 2025. Each XAUT token remains backed 1:1 by an equivalent ounce of gold stored in vaults located in Switzerland, according to the report.

The attestation notes that the cumulative market value of tether gold (XAUT) at the end of the first quarter was $770 million, with each token priced at $3,123.57. The testimony also confirms that 180,777.07 XAUT tokens have been sold, while 65,747.26 tokens remain available for sale.

Screenshot from Tether’s attestation.

TG Commodities S.A. de C.V., the issuer of XAUT, is now regulated under El Salvador’s Digital Asset Issuance Law following its relocation from the British Virgin Islands in January. The company is registered as a Money Services Business with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.

The report emphasized that Tether‘s gold reserves are composed of London Bullion Market Association (LBMA) certified bars and undergo periodic quality testing by independent third parties. Management’s policies note that the gold is valued at fair market price under a going-concern assumption.

Tether also highlighted macroeconomic trends influencing gold’s role as a store of value (SoV), citing heightened central bank gold purchases and rising inflationary pressures. In 2024, central banks added more than 1,044 metric tons to their reserves, according to data from the World Gold Council.

The independent report stresses that tether gold (XAUT) provides users with a digital asset backed by verifiable physical gold, distinguishing it from non-compliant tokenized products that rely on paper gold or face regulatory uncertainties.

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