Tether Gold reserves reach 25.7 tonnes: Third-quarter report

Tether Gold says the physical gold backing XAUT grew by 59% in the first nine months of 2026 to approximately 25.7 tonnes. The reserves were valued at $3.44 billion at the September 30 reporting date, while customer token holdings had increased by 73% since year-end.

Tether Gold, described by its issuer as the largest tokenised gold product by market capitalisation, continued to expand in the third quarter. Despite gold-price volatility, customers bought XAUT equivalent to more than nine tonnes of physical gold since January. The company interprets this as demand driven by a longer-term view rather than short-term price movements.

Physical reserves increased from 520,089 fine troy ounces at the end of 2025 to approximately 827,418 fine troy ounces. The company added 766 London Good Delivery bars to the Swiss reserves, bringing the number of bars in the 12.5-kilogram category to 2,057. Reserve value increased by 53%, from $2.25 billion to $3.44 billion.

Third-quarter reserve figures

Issuer TG Commodities, S.A. de C.V., which operates under El Salvador’s Digital Asset Issuance Law, published the following figures for September 30, 2026:

• Physical gold: approximately 25.7 tonnes.
• Total token supply: 827,417.63 XAUT.
• Tokens sold: 709,323.66 XAUT.
• Tokens available for sale: 118,093.97 XAUT.
• Gold price used for valuation: $4,157.41 per ounce.
• Total reserve value: approximately $3.44 billion.

Each XAUT is backed one-for-one by a fine troy ounce of physical gold. The reserves are held in Switzerland and meet London Good Delivery quality requirements. Token holders have ownership interests in specified gold bars. At quarter-end, gold backing sold tokens was valued at approximately $2.95 billion, while the gold corresponding to tokens available for sale was valued at approximately $491 million.

Ardoino’s view of tokenised gold

Tether CEO Paolo Ardoino said:

“For thousands of years, owning gold meant trusting someone else to store it. XAUT changes that. Each token is tied to real gold bars that anyone can verify. This year, investors added more than nine tonnes of gold to their holdings despite volatile market conditions. The World Gold Council estimates that digital gold could create $700 billion in new demand. We expect XAUT to capture a significant share of that market.”

The company aims to strengthen its position in tokenised real-world assets through one-for-one physical backing, Swiss-held reserves and blockchain transparency. The market outlook in the quotation is the executive’s assessment, not a forecast of returns for investors.

What the reserve report covers

The linked reserve report records 827,417.630 fine troy ounces and a total value of $3,439,914,329. Its inventory contains 2,057 bars in the 12.5-kilogram category, plus 15 one-kilogram bars and 18 half-kilogram bars. Thus, the 2,057 figure refers to the large-bar category rather than every bar in the vault.

BDO Advisory Services’ reasonable-assurance conclusion applies to the reserve report at September 30, 2026, not to every subsequent date or to future investment performance. The reported reserve growth is not a 59% token-price return. The $3.44 billion total includes gold allocated to tokens already sold and tokens still available for sale. This is a report on issuer disclosures, not investment advice.

Sources: Turkish Tether Gold release, Tether announcement dated November 4, September 30 reserve and assurance report.