Tether has parted ways with two senior gold traders it hired from HSBC in late 2025, signaling a sharp reversal in its bullion market expansion. According to a Bloomberg report, Vincent Domien and Mathew O’Neill left the company just months after joining. No public explanation was provided by either the individuals or Tether.
HSBC Veterans Exit After Short Stint
Vincent Domien previously served as global head of metals trading at HSBC and sat on the LBMA board. Mathew O’Neill led precious metals origination across EMEA. Both joined Tether to build a competitive gold trading desk under CEO Paolo Ardoino. Ardoino had earlier described these hires as a cornerstone for challenging large bullion banks. Their departure leaves Tether’s gold trading unit without its two top executives.
140-Ton Gold Hoard Faces Operational Hurdles
Tether still holds roughly 140 metric tons of physical gold, valued near $24 billion — ranking among the largest private gold reserves globally. The original strategy involved actively trading these reserves to capture price spreads between futures and physical markets, and lending gold for income. But the physical gold market runs on long-standing relationships among banks, refiners, and dealers. New entrants face steep integration challenges. The departure of both traders now casts further doubt on Tether’s ability to execute that plan.
Audit and Fundraising Move Forward as Gold Strategy Paused
Meanwhile, Tether is undergoing a broader financial overhaul. It has engaged KPMG for its first full audit, following years of transparency criticism. The firm also explored raising up to $20 billion in external funding and tokenizing parts of its business. Both initiatives remain on hold pending audit results. Despite the trading team shake-up, Tether continues to issue its gold-backed token XAUT, which holds about 60% of the gold-backed stablecoin market.