Tether Gold holders increased their positions during the second quarter even as gold prices fell. TG Commodities, the issuer of XAU₮, said in an Aug. 3 update that tokens sold to customers rose from 559,598.64 at the end of March to 612,823.66 at the end of June, an increase of 53,225.02 tokens, or about 9.5%. Each token represents one fine troy ounce of gold under the product's terms.
The increase arrived during a quarter in which gold closed at $4,008.02 per ounce after falling 14.1%, according to the issuer. Tether's reading is that buyers used the correction to add tokenized exposure to physical gold. The sharper point is the behavior of this one product: demand for XAU₮ grew while the underlying commodity was moving down.
What the assurance report checked
A BDO assurance report dated July 31 examined the reserves report as of June 30. It records 707,747.139 fine troy ounces of gold held in custody against 707,747.090000 XAU₮ in circulation. The report says the reserves therefore covered each token with at least one fine troy ounce and values the gold at about $2.837 billion at the reported price.
BDO says its procedures included inventory work, valuation checks, sample testing of precious metals and reconciliation between the accounting system and blockchain liabilities. It issued a reasonable-assurance conclusion on the report. The scope is a point-in-time review of June 30 balances, so later activity belongs to the next evidence cycle.
A product metric, not a market-wide verdict
The 9.5% figure covers XAU₮ sold by TG Commodities rather than the full tokenized-gold market, and the release gives no count of holders who redeemed tokens for metal during the quarter. The reserve report says the gold is vaulted in Switzerland, identifies 1,759 London Good Delivery bars among the inventory and describes the reserves as owned by token holders. Those details define the structure that buyers are using, while redemption records and the daily transparency page will show how the structure behaves over time.
The result gives tokenized gold a useful market test: holders added exposure through a commodity correction, but the evidence remains tied to one issuer and one reporting date.
