Tether Holdings SA, the issuer of the world's largest stablecoin USDT, has terminated two senior precious metals traders it hired from HSBC Holdings Plc just months ago. The departures of Vincent Domien, HSBC's former global head of metals trading and a London Bullion Market Association board member, and Mathew O'Neill, who oversaw precious metals origination across EMEA, mark a sudden reversal in the company's strategy to professionalize its bullion operations.
The executives were recruited in late 2025 as part of CEO Paolo Ardoino's ambitious plan to build "the best gold trading floor in the world" and compete directly with traditional banking giants like JPMorgan and HSBC in the global bullion market. Their primary mandate was to spearhead revenue strategies by lending out Tether's massive gold reserves.
Tether has accumulated approximately 140 tons of physical gold, valued at around $24 billion, stored in a former Cold War nuclear bunker in Switzerland. This stockpile makes Tether one of the largest known holders of bullion outside of central banks, ETFs, and commercial banks. The company purchased over 70 tons of gold last year alone, outpacing nearly every central bank except Poland.
The departures coincide with a significant overhaul of Tether's financial profile. The company has engaged KPMG to conduct its first full audit since launching USDT in 2024. Additionally, Tether has explored raising and tokenizing up to $20 billion in external funding, though those plans are currently on hold pending audit results.
Neither Tether nor the former executives have publicly explained the reason for the sudden separation. The move raises questions about the challenges a crypto-native company faces when integrating traditional commodities talent into its operations, given the physical gold market's reliance on long-standing institutional relationships.
Tether continues to be a major player in the gold-backed crypto space through its Tether Gold (XAUT) token, which commands roughly 60% of that market segment. The company's future approach to its gold desk—whether it will replace the traders or restructure entirely—will signal its continued commitment to competing with sovereign-scale gold holders.
