Audit log

Every state-changing event for Tether Gold (XAUT): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-07-22 12:04:56Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"54857b48-114c-4c9a-96db-b4cfb07058d9","kind":"publish","page_slug":"tether-gold-xaut","published_at":"2026-07-22T12:04:56.267Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Tether Gold (XAUT)","sections":[{"content":"Tether Gold (ticker: XAUT) was launched on January 23, 2020 by TG Commodities, S.A. de C.V., a company incorporated in El Salvador and wholly owned by Tether Holdings, S.A. de C.V. Each XAUT token is designed to represent a one-troy-fine-ounce ownership interest in a specific physical gold bar meeting the London Bullion Market Association (LBMA) Good Delivery standard. Gold is stored in professional vaults in Switzerland. The token is issued on both the Ethereum and TRON blockchains. Physical redemption requires a minimum of approximately 430 XAUT (corresponding to one LBMA-standard bar of approximately 400 troy ounces) and is limited to delivery addresses within Switzerland. TG Commodities charges 25 basis points on redemptions plus delivery costs. Alternatively, holders may instruct TG Commodities to sell the underlying gold on the Swiss market and remit cash proceeds. TG Commodities obtained a digital asset service provider license from El Salvador's National Commission of Digital Assets (CNAD) in January 2025 following the company's relocation from the British Virgin Islands.","heading":"Product Overview and Structure","severity":"low","sources":[{"credibility":2,"name":"Changelly: What Is Tether Gold (XAUt) and How Does It Work?","type":"other","url":"https://changelly.com/blog/what-is-tether-gold-xaut/"},{"credibility":1,"name":"TG Commodities Relevant Information Document (January 2025)","type":"official","url":"https://gold.tether.to/Relevant%20Information%20Document%20-%20TG%20Commodities,%20S.A.%20de%20C.V..pdf"},{"credibility":2,"name":"Tether: Licensed in El Salvador","type":"official","url":"https://tether.io/news/tether-licensed-in-el-salvador-strengthening-focus-on-emerging-markets-and-innovation/"},{"credibility":2,"name":"BloFin Academy: What Is Tether Gold (XAUT)?","type":"other","url":"https://blofin.com/academy/education/what-is-tether-gold-xaut"}]},{"content":"XAUT reserves are subject to periodic attestations rather than full financial audits. BDO Italia, a member firm of the BDO international network, serves as the attestation provider, conducting limited assurance engagements under ISAE 3000 (International Standard on Assurance Engagements). As of March 31, 2025, BDO Italia confirmed 246,523.33 troy ounces of physical gold backing an equivalent number of XAUT tokens in circulation — the first attestation published under El Salvador's regulatory oversight. A subsequent BDO Italia attestation dated June 30, 2025 was also published. By October 2025, reported circulating supply had grown to approximately 375,572 XAUT tokens, with an equivalent quantity of gold reported in Swiss vaults. Gold bar serial numbers are listed in attestation documents, enabling token holders to identify their ownership interest in a specific bar. Tether has stated it is pursuing engagement with a Big Four accounting firm for more comprehensive auditing. Critics note that ISAE 3000 attestations confirm reserve balances at a specific point in time and do not constitute a forensic audit of Tether's broader operations or controls.","heading":"Reserve Attestations and Transparency","severity":"medium","sources":[{"credibility":1,"name":"Tether Q1 2025 XAUT Attestation Announcement","type":"official","url":"https://tether.io/news/tether-reports-xaut-grows-amid-shifting-monetary-landscape-releases-its-first-attestation-for-q1-2025-more-than-7-7-tons-of-physical-gold-backing-the-token-in-circulation/"},{"credibility":1,"name":"BDO Italia ISAE 3000 Attestation Report (June 30, 2025)","type":"official","url":"https://gold.tether.to/docs/reports/attestations/ISAE_3000R_-_Opinion_TGRR_30.06.2025_RC187322025BD0179.pdf"},{"credibility":2,"name":"Bitcoin.com: Tether Gold Attestation Report Reveals 375K Troy Ounces","type":"news_article","url":"https://news.bitcoin.com/behind-the-vault-door-tether-gold-attestation-report-reveals-375k-troy-ounces-of-shine/"},{"credibility":2,"name":"The Defiant: Tether Now Owns 7.7 Tons of Gold to Back Its XAUT Token","type":"news_article","url":"https://thedefiant.io/news/markets/tether-now-owns-7-7-tons-of-gold-to-back-its-xaut-token"}]},{"content":"XAUT is issued by TG Commodities, a subsidiary of Tether Holdings, whose flagship product is the USDT stablecoin. Tether's parent organization has been subject to multiple significant regulatory actions that, while directed at the USDT product, reflect on corporate governance and disclosure practices applicable to the broader Tether group. In February 2021, the New York Attorney General concluded an investigation into Bitfinex and Tether, resulting in an $18.5 million settlement and a ban on operating in New York State. The NYAG found that Tether had misrepresented the backing of USDT during periods in 2017 and 2018, and that Bitfinex had used Tether's reserves to conceal an $850 million loss involving Crypto Capital Corp. Tether did not admit wrongdoing. In October 2021, the Commodity Futures Trading Commission (CFTC) levied a $41 million civil monetary penalty against Tether and a separate $1.5 million penalty against Bitfinex. The CFTC found that USDT was fully backed by fiat-equivalent reserves for only approximately 27.6% of the time during a 26-month review period from 2016 to 2018. The CFTC further found that reserve funds were commingled with corporate accounts, held in accounts not titled in Tether's name, and included non-cash assets without public disclosure. Tether did not admit wrongdoing in the CFTC settlement either.","heading":"Parent Company Regulatory History (Tether / USDT)","severity":"high","sources":[{"credibility":1,"name":"CoinDesk: NY AG's $850M Probe of Bitfinex, Tether Ends in $18.5M Settlement","type":"news_article","url":"https://www.coindesk.com/markets/2021/02/23/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-185m-settlement/"},{"credibility":1,"name":"CoinDesk: CFTC Fines Tether and Bitfinex $42.5M for Untrue or Misleading Claims","type":"regulatory","url":"https://www.coindesk.com/policy/2021/10/15/cftc-fines-tether-and-bitfinex-425m-for-untrue-or-misleading-claims"},{"credibility":2,"name":"David Gerard (Attack of the 50 Foot Blockchain): CFTC Settlement with Tether and Bitfinex","type":"news_article","url":"https://davidgerard.co.uk/blockchain/2021/10/29/the-cftc-settlement-with-tether-and-bitfinex-42-5-million-dollars-in-fines/"}]},{"content":"In October 2024, the Wall Street Journal and multiple news outlets reported that federal prosecutors in the Manhattan U.S. Attorney's Office had expanded a years-long DOJ investigation into Tether, examining whether the company's USDT stablecoin had been used by third parties for drug trafficking, terrorism financing, sanctions evasion, and money laundering. The Treasury Department's Office of Foreign Assets Control (OFAC) was also reported to be considering adding Tether to its Specially Designated Nationals list. Reports noted that wallets connected to Hamas had received substantial amounts of USDT since 2020, and that Russian arms dealers had also used USDT. Tether's CEO Paolo Ardoino denied there was any formal investigation, stating: 'There is no indication that Tether is under investigation.' Tether also characterized media reporting as 'wildly irresponsible.' The DOJ's prior bank fraud investigation into whether Tether backers used falsified documents to access banking services was also cited as context. These investigations concern the USDT stablecoin, not XAUT directly. No charges had been filed against Tether as of the available reporting. In March 2025, the DOJ announced a separate disruption of a Hamas terrorist financing scheme through the seizure of approximately $200,000 in USDT, in which Tether cooperated with law enforcement.","heading":"DOJ Investigation into Tether (Sanctions and AML)","severity":"high","sources":[{"credibility":1,"name":"Fortune: Tether blasts report of DOJ probe for money laundering and sanctions violations","type":"news_article","url":"https://fortune.com/crypto/2024/10/25/tether-department-justice-probe-money-laundering-sanctions-binance-crypto/"},{"credibility":1,"name":"CNBC: DOJ probing Tether over possible violations of sanctions and money laundering rules","type":"news_article","url":"https://www.cnbc.com/video/2024/10/25/doj-probing-tether-over-possible-violations-of-sanctions-and-money-laundering-rules-reports-say.html"},{"credibility":1,"name":"DOJ: Justice Department Disrupts Hamas Terrorist Financing Scheme Through Seizure of Cryptocurrency","type":"court_filing","url":"https://www.justice.gov/usao-dc/pr/justice-department-disrupts-hamas-terrorist-financing-scheme-through-seizure"},{"credibility":1,"name":"The Block: DOJ disrupts Hamas terrorist scheme by seizing crypto held in USDT","type":"news_article","url":"https://www.theblock.co/post/348490/doj-disrupts-hamas-terrorist-scheme-by-seizing-crypto-held-in-usdt"}]},{"content":"As of July 2026, Tether Gold (XAUT) is among the largest tokenized gold assets by market capitalization, ranking approximately 33rd to 37th across all crypto assets by market cap according to CoinGecko and CoinMarketCap. The market capitalization stood at approximately $2.5 billion as of mid-2026, reflecting a price of approximately $4,100 per token tracking the spot gold price. Its primary competitor is PAX Gold (PAXG), issued by Paxos. The tokenized commodities sector on Ethereum grew approximately 60% quarter-over-quarter to $4.7 billion in Q1 2026, with XAUT and PAX Gold holding dominant market shares. In March 2025, Tether Holdings acquired a 12% stake in Gold.com for $150 million, expanding XAUT's potential retail distribution. In June 2026, the digital lending platform Ledn added XAUT as collateral for crypto-backed loans. A Nasdaq-listed company also completed a $134 million XAUT treasury purchase, indicating institutional adoption of the token as a gold reserve proxy.","heading":"Market Position and Competitive Landscape","severity":"low","sources":[{"credibility":2,"name":"CoinGecko: Tether Gold Price Today","type":"other","url":"https://www.coingecko.com/en/coins/tether-gold"},{"credibility":2,"name":"Caleb and Brown: Tokenised Gold Explained 2026 — What Is Tether Gold (XAUT)?","type":"other","url":"https://calebandbrown.com/blog/what-is-tether-gold-xaut-how-tokenised-gold-works-in-2026/"},{"credibility":2,"name":"KuCoin: Tether's Gold Reserves in 2026","type":"other","url":"https://www.kucoin.com/blog/tether-gold-reserves-in-2026-what-it-means-for-crypto-markets"}]},{"content":"Holding XAUT exposes investors to counterparty risk with TG Commodities and, by extension, the broader Tether group. Unlike physically held gold, XAUT holders depend on TG Commodities to maintain custody of underlying gold bars, honor redemption obligations, and remain solvent. The attestation model (BDO Italia ISAE 3000 limited assurance) verifies gold balances at a point in time but does not provide continuous or forensic assurance. Physical gold redemption is restricted to Swiss delivery addresses and requires a minimum of approximately 430 troy ounces (roughly $1.7 million at mid-2026 gold prices), placing direct redemption beyond the reach of most retail investors. Regulatory uncertainty around XAUT's classification — whether as a commodity, security, or other regulated instrument — persists in multiple jurisdictions. XAUT is issued under El Salvador's CNAD licensing framework, which is less established than major Western financial regulatory regimes. The token's smart contracts on Ethereum and TRON carry standard blockchain execution risks, including potential vulnerabilities in contract upgrades. Tether has not provided public disclosures on insurance arrangements covering the Swiss vaults, though some reporting indicates Lloyd's of London coverage.","heading":"Counterparty and Custody Risks","severity":"medium","sources":[{"credibility":2,"name":"Gate Wiki: How Does Tether Gold (XAUT) Navigate Regulatory Compliance Risks?","type":"other","url":"https://web3.gate.com/crypto-wiki/article/how-does-tether-gold-xaut-navigate-regulatory-compliance-risks-in-the-crypto-market-20251125"},{"credibility":2,"name":"BloFin Academy: What Is Tether Gold (XAUT)?","type":"other","url":"https://blofin.com/academy/education/what-is-tether-gold-xaut"},{"credibility":2,"name":"Phemex Academy: What Is Tether Gold (XAUT)?","type":"other","url":"https://phemex.com/academy/what-is-tether-gold-xaut"}]}],"sources_used":[{"credibility":1,"name":"Tether Q1 2025 XAUT Attestation Announcement","type":"official","url":"https://tether.io/news/tether-reports-xaut-grows-amid-shifting-monetary-landscape-releases-its-first-attestation-for-q1-2025-more-than-7-7-tons-of-physical-gold-backing-the-token-in-circulation/"},{"credibility":1,"name":"BDO Italia ISAE 3000 Attestation Report (June 30, 2025)","type":"official","url":"https://gold.tether.to/docs/reports/attestations/ISAE_3000R_-_Opinion_TGRR_30.06.2025_RC187322025BD0179.pdf"},{"credibility":1,"name":"TG Commodities Relevant Information Document (January 2025)","type":"official","url":"https://gold.tether.to/Relevant%20Information%20Document%20-%20TG%20Commodities,%20S.A.%20de%20C.V..pdf"},{"credibility":1,"name":"Tether: Licensed in El Salvador","type":"official","url":"https://tether.io/news/tether-licensed-in-el-salvador-strengthening-focus-on-emerging-markets-and-innovation/"},{"credibility":1,"name":"DOJ: Justice Department Disrupts Hamas Terrorist Financing Scheme","type":"court_filing","url":"https://www.justice.gov/usao-dc/pr/justice-department-disrupts-hamas-terrorist-financing-scheme-through-seizure"},{"credibility":1,"name":"CoinDesk: CFTC Fines Tether and Bitfinex $42.5M for Untrue or Misleading Claims","type":"regulatory","url":"https://www.coindesk.com/policy/2021/10/15/cftc-fines-tether-and-bitfinex-425m-for-untrue-or-misleading-claims"},{"credibility":1,"name":"CoinDesk: NY AG's $850M Probe of Bitfinex, Tether Ends in $18.5M Settlement","type":"news_article","url":"https://www.coindesk.com/markets/2021/02/23/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-185m-settlement/"},{"credibility":1,"name":"Fortune: Tether blasts DOJ probe report for money laundering and sanctions violations","type":"news_article","url":"https://fortune.com/crypto/2024/10/25/tether-department-justice-probe-money-laundering-sanctions-binance-crypto/"},{"credibility":1,"name":"CNBC: DOJ probing Tether over possible violations of sanctions and money laundering rules","type":"news_article","url":"https://www.cnbc.com/video/2024/10/25/doj-probing-tether-over-possible-violations-of-sanctions-and-money-laundering-rules-reports-say.html"},{"credibility":1,"name":"The Block: DOJ disrupts Hamas terrorist scheme by seizing crypto held in USDT","type":"news_article","url":"https://www.theblock.co/post/348490/doj-disrupts-hamas-terrorist-scheme-by-seizing-crypto-held-in-usdt"},{"credibility":2,"name":"David Gerard (Attack of the 50 Foot Blockchain): CFTC Settlement with Tether and Bitfinex","type":"news_article","url":"https://davidgerard.co.uk/blockchain/2021/10/29/the-cftc-settlement-with-tether-and-bitfinex-42-5-million-dollars-in-fines/"},{"credibility":2,"name":"The Defiant: Tether Now Owns 7.7 Tons of Gold to Back Its XAUT Token","type":"news_article","url":"https://thedefiant.io/news/markets/tether-now-owns-7-7-tons-of-gold-to-back-its-xaut-token"},{"credibility":2,"name":"Bitcoin.com: Tether Gold Attestation Report Reveals 375K Troy Ounces","type":"news_article","url":"https://news.bitcoin.com/behind-the-vault-door-tether-gold-attestation-report-reveals-375k-troy-ounces-of-shine/"},{"credibility":2,"name":"Gate Wiki: How Does Tether Gold (XAUT) Navigate Regulatory Compliance Risks?","type":"other","url":"https://web3.gate.com/crypto-wiki/article/how-does-tether-gold-xaut-navigate-regulatory-compliance-risks-in-the-crypto-market-20251125"},{"credibility":2,"name":"CoinGecko: Tether Gold Price Today","type":"other","url":"https://www.coingecko.com/en/coins/tether-gold"},{"credibility":2,"name":"KuCoin: Tether's Gold Reserves in 2026","type":"other","url":"https://www.kucoin.com/blog/tether-gold-reserves-in-2026-what-it-means-for-crypto-markets"},{"credibility":2,"name":"Caleb and Brown: Tokenised Gold Explained 2026","type":"other","url":"https://calebandbrown.com/blog/what-is-tether-gold-xaut-how-tokenised-gold-works-in-2026/"},{"credibility":2,"name":"Phemex Academy: What Is Tether Gold (XAUT)?","type":"other","url":"https://phemex.com/academy/what-is-tether-gold-xaut"},{"credibility":2,"name":"BloFin Academy: What Is Tether Gold (XAUT)?","type":"other","url":"https://blofin.com/academy/education/what-is-tether-gold-xaut"},{"credibility":2,"name":"Changelly: What Is Tether Gold (XAUt) and How Does It Work?","type":"other","url":"https://changelly.com/blog/what-is-tether-gold-xaut/"}],"summary":"Tether Gold (XAUT) is a commodity-backed digital token issued by TG Commodities, S.A. de C.V., a subsidiary of Tether Holdings, where each token represents one troy fine ounce of physical gold stored in LBMA-certified Swiss vaults. The product ranks among the top tokenized gold assets by market capitalization, with approximately 375,000 troy ounces of gold backing circulation as of mid-2025. Its parent company, Tether Limited, has settled enforcement actions with the CFTC and the New York Attorney General over misrepresentation of its USDT stablecoin reserves, and remained under an active DOJ probe as of late 2024 into alleged sanctions and anti-money laundering violations.","timeline":[{"date":"2020-01-23","event":"Tether Gold (XAUT) launches, offering one troy ounce of Swiss-vaulted LBMA gold per token on Ethereum.","source":"Gate Learn: What Is Tether Gold?","source_url":"https://www.gate.com/learn/articles/what-is-tether-gold/1180"},{"date":"2021-02-23","event":"New York Attorney General settles with Tether and Bitfinex for $18.5 million over misrepresentation of USDT reserves and concealment of $850 million in losses. Tether and Bitfinex barred from operating in New York.","source":"CoinDesk: NY AG's $850M Probe of Bitfinex, Tether Ends in $18.5M Settlement","source_url":"https://www.coindesk.com/markets/2021/02/23/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-185m-settlement/"},{"date":"2021-10-15","event":"CFTC imposes $41 million civil penalty on Tether for making untrue or misleading statements about USDT reserve backing. USDT found to be fully backed by fiat equivalents for only 27.6% of a 26-month review period.","source":"CoinDesk: CFTC Fines Tether and Bitfinex $42.5M","source_url":"https://www.coindesk.com/policy/2021/10/15/cftc-fines-tether-and-bitfinex-425m-for-untrue-or-misleading-claims"},{"date":"2024-10-25","event":"Wall Street Journal and other outlets report DOJ prosecutors in Manhattan are expanding a probe into Tether over alleged sanctions and anti-money laundering violations, including use of USDT by Hamas and Russian arms dealers. Treasury's OFAC reportedly considering sanctioning Tether. Tether denies investigation.","source":"Fortune: Tether blasts DOJ probe report","source_url":"https://fortune.com/crypto/2024/10/25/tether-department-justice-probe-money-laundering-sanctions-binance-crypto/"},{"date":"2025-01-01","event":"TG Commodities relocates from the British Virgin Islands to El Salvador and obtains a digital asset service provider license from El Salvador's National Commission of Digital Assets (CNAD).","source":"Tether: Licensed in El Salvador","source_url":"https://tether.io/news/tether-licensed-in-el-salvador-strengthening-focus-on-emerging-markets-and-innovation/"},{"date":"2025-03-27","event":"DOJ announces disruption of a Hamas terrorist financing scheme, seizing approximately $200,000 in USDT. Tether cooperated with law enforcement in the action.","source":"DOJ: Justice Department Disrupts Hamas Terrorist Financing Scheme","source_url":"https://www.justice.gov/usao-dc/pr/justice-department-disrupts-hamas-terrorist-financing-scheme-through-seizure"},{"date":"2025-04-28","event":"Tether publishes XAUT's first attestation under El Salvador regulatory oversight (as of March 31, 2025), confirmed by BDO Italia. Report shows 246,523 troy ounces of physical gold backing equivalent token supply.","source":"Tether Q1 2025 XAUT Attestation Announcement","source_url":"https://tether.io/news/tether-reports-xaut-grows-amid-shifting-monetary-landscape-releases-its-first-attestation-for-q1-2025-more-than-7-7-tons-of-physical-gold-backing-the-token-in-circulation/"},{"date":"2025-06-30","event":"BDO Italia publishes XAUT attestation as of June 30, 2025. Reported circulating supply grows to approximately 375,572 troy ounces.","source":"BDO Italia ISAE 3000 Attestation Report (June 30, 2025)","source_url":"https://gold.tether.to/docs/reports/attestations/ISAE_3000R_-_Opinion_TGRR_30.06.2025_RC187322025BD0179.pdf"},{"date":"2026-01-29","event":"XAUT reaches an all-time high price of approximately $5,585 per token, tracking the gold spot price peak.","source":"CoinMarketCap: Tether Gold","source_url":"https://coinmarketcap.com/currencies/tether-gold/"}]},"v":1}

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