Markets · Tokenized gold
Tether's gold token was backed by $3.44 billion in gold on Sept. 30
Tether's gold token was backed by about 827,000 ounces of gold worth $3.44 billion on Sept. 30, up from about 520,000 ounces at the end of 2025, its reserves reports show.
Tether's gold token was backed by $3.44 billion in gold on Sept. 30
The gold behind Tether Gold, a token that Tether says is backed by physical gold, came to 827,417.630 fine troy ounces, the standard unit for pure gold, about 31.1 grams each, on Sept. 30, with a market value of US$3,439,914,329, according to the company's reserves report [1]. That is 59% more gold than the 520,089.350 ounces reported at the end of 2025, by Le Coin's arithmetic on the two reports, or about 25.7 metric tonnes against 16.2 [1][2].
The mechanism
Each token, called XAU₮, stands for one ounce. The Sept. 30 report states that "for each XAU₮ token, there is one fine troy ounce of gold in the Gold Reserves," and that tokens are issued only after bars complete the custodian's intake [1]. The issuer, TG Commodities, S.A. de C.V. of El Salvador, says the bars meet London Good Delivery standards, are vaulted in Switzerland, and are "owned by the XAU₮ token holders, not by the Company" [1].
The figures are management's. BDO Advisory Services S.r.l., in Milan, checked them under ISAE 3000 (Revised), an assurance standard for "Assurance Engagements Other than Audits," and concluded the report is "fairly presented" in all material respects [1]. Its procedures included inventory checks on the ounces and sample testing of bars by a specialist provider [1].
The evidence
| Tether Gold's reserves | Dec. 31, 2025 | Sept. 30, 2026 |
|---|---|---|
| Gold held, fine troy ounces | 520,089.350 | 827,417.630 |
| Market value, as reported | $2,246,458,120 | $3,439,914,329 |
| Gold price used, per ounce | $4,319.37 | $4,157.41 |
| Tokens sold | 409,217.640000 | 709,323.660000 |
| Tokens available for sale | 110,871.660000 | 118,093.970000 |
| 12.5-kilogram bars | 1,291 | 2,057 |
Source: Tether Gold Reserves Reports, Dec. 31, 2025 and Sept. 30, 2026 [1][2]. Table: Le Coin.
Most of the new gold backs tokens already sold. Tokens sold rose 73%, while tokens held for sale by Alpha Group Commodities, which the report calls "a related entity of the Company," rose to 118,093.970000 [1][2]. Dollar value rose 53%, less than the ounces, because the report's gold price fell to $4,157.41 from $4,319.37 [1][2].
The objection
The report is a snapshot: BDO says "the reporting date is limited to a point in time" and that it gave no assurance at any other date [1]. Gold moving in or out after Sept. 30 is outside its scope.
The tell (Le Coin's view)
In Le Coin's view, the number that matters is ounces, not dollars: tokens sold rose to 709,323.660000 from 409,217.640000 in nine months, and each one is supposed to match an ounce in a Swiss vault. The next reserves report will show whether that pace held.
Sources
- [1] TG Commodities, S.A. de C.V., Tether Gold Reserves Report as of 30 September 2026, with BDO Advisory Services S.r.l. assurance report according to ISAE 3000R, Milan, 30 October 2026, https://gold.tether.to/docs/reports/attestations/ISAE_3000R_-_Opinion_TGRR_30.09.2026_RC187322026DV0235.pdf ; accessed 10:25 a.m. ET Nov. 4.
- [2] TG Commodities, S.A. de C.V., Tether Gold Reserves Report as of 31 December 2025, with BDO Advisory Services S.r.l. assurance report according to ISAE 3000R, Milan, 23 January 2026, https://gold.tether.to/docs/reports/attestations/ISAE_3000R_-_Opinion_TGRR_31.12.2025_RC187322025DV0137.pdf ; accessed 10:25 a.m. ET Nov. 4.
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