Tether says XAUT backing reached 25.7 tonnes, while 118,094 tokens remained unsold
Tether’s quarter-end XAUT snapshot matched tokens to fine ounces one for one, but also separated customer-held tokens from inventory available for sale.
In brief
- Tether reported 827,417.630 fine troy ounces of gold and the same number of XAUT tokens at 30 September 2026, equivalent to about 25.7 tonnes.
- Of the reported supply, 709,323.66 tokens had been sold and 118,093.97 were available for sale, a distinction between issued inventory and customer holdings.
- The stated $3.44 billion reserve value used a $4,157.41 per-ounce snapshot, so market value can change even when the number of bars and ounces does not.
The quarter-end inventory
Tether published a new reserve snapshot for its gold-backed XAUT token on 4 November. Management of issuer TG Commodities said that, at 23:59 UTC on 30 September 2026, reserves contained 827,417.630 fine troy ounces of gold and total token supply was 827,417.630000 XAUT. The company translated that into approximately 25.7 metric tonnes and a market value of $3.4399 billion using a gold price of $4,157.41 per ounce. It said the inventory was held in Switzerland and included 2,057 bars in the 12.5-kilogram category, 15 one-kilogram bars and 18 half-kilogram bars. Each full token is described as an undivided ownership interest in one fine troy ounce on specified bars.
Issued tokens are not all customer holdings
The disclosure makes an important split within the headline supply. Tether reported 709,323.66 XAUT sold to customers and 118,093.97 XAUT available for sale. At the stated quarter-end gold price, the company valued gold associated with sold tokens at about $2.949 billion and gold backing available inventory at about $491 million. That means total tokens and total reserves can match one for one even though not every issued token is held by a customer. Tether said physical reserves increased from 520,089 fine troy ounces at the end of 2025 to roughly 827,418 ounces at the end of September, while customer holdings grew faster in percentage terms.
How to read the backing claim
The report is a dated issuer disclosure, not evidence that gold prices or token demand will continue rising. The $3.44 billion figure combines an ounce count with a single market-price snapshot; it can move with gold even if custody inventory is unchanged. Tether also says a qualified independent third party tests a sample of bars each quarter, which is narrower than independently auditing every operational, legal and financial claim around the product. The useful information is the reconciliation of ounces, token supply, sold tokens and inventory at a specific time. Users still need to consider the product terms, custody arrangement, redemption conditions and issuer risk before treating a token as interchangeable with holding a physical bar directly.
Sources and verification
Based on an official announcement
Checked Tether’s dated issuer disclosure, its 30 September timestamp, ounce and token totals, sold-versus-available split, bar counts and price basis. The issuer’s sample-testing claim is not represented as a full audit.
- Tether Gold Reserves Grow 59% Since Year-End as XAUT Backing Reaches Record US$ 3.44 Billion Tether · Primary document · 4 Nov 2026
Prepared with AI assistance from the linked sources. This is not a claim of independent field reporting or human review. How we publish · Report a correction
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