Tether Gold reserves reach $3.44 billion in the third quarter

Physical reserves rise 59% since December

TG Commodities, the issuer of Tether Gold, published reserve figures on November 4 covering September 30, 2026. The report lists 827,417.630 fine troy ounces of gold, or about 25.7 metric tons, with a market value of $3.439 billion. At the reporting date, the number of XAU₮ tokens in circulation exactly matched the number of ounces disclosed. Each token therefore represents one fine troy ounce held in the reserves.

Compared with December 31, 2025, physical reserves increased from 520,089 to 827,418 ounces, a 59% rise. Their value grew from $2.25 billion to $3.44 billion, while customer holdings rose 73% since the beginning of the year, according to the issuer. TG Commodities says holders added the equivalent of more than nine metric tons of gold since January. Of the total issued, 709,323.660000 XAU₮ had been sold and 118,093.970000 remained available for sale.

A matching balance tested at one specific date

The inventory consisted of 2,057 bars weighing 12.5 kilograms, 15 one-kilogram bars and 18 half-kilogram bars. It is held in Switzerland and is required to meet London Good Delivery standards. BDO Advisory Services says it performed a reasonable assurance engagement under revised ISAE 3000. Its procedures covered the existence of the disclosed ounces, their valuation, reconciliation of accounting records with blockchain ledgers, and the report’s disclosures.

BDO expressed a favorable conclusion on the presentation of the report as of September 30, but with an essential limitation: the assurance applies only to that point in time. The practitioner did not examine activity before or after that date. The report also says the 118,093.970000 tokens available for sale were held by Alpha Group Commodities, a related entity. The figures should therefore not be read as a permanent guarantee of unchanged reserves or as a full audit of the issuer’s financial statements.

Tokenized gold grows without removing its risks

The increase reflects both a larger number of ounces and a reference gold price of $4,157.41 per ounce at quarter-end. The product combines the transferability of a blockchain token with an undivided ownership interest in bars identified by serial number, purity and weight. That structure can make gold easier to transfer and hold in fractions, but it introduces dependencies on the issuer, custodian, supported networks and physical-redemption terms.

For readers, the $3.44 billion figure measures the declared inventory value on September 30, not a promise of returns. TG Commodities is authorized in El Salvador as a stablecoin issuer and digital-asset service provider. Holders remain exposed to gold-price movements, fees, market liquidity and the applicable legal framework. The report provides greater visibility into the backing, but it does not eliminate those risks or turn XAU₮ into a bank deposit.