Tether fires HSBC gold trader just months after hiring him

Tether Holdings has fired two senior precious metals traders hired from HSBC Holdings a few months ago.

The departure marks a sudden reversal for the stablecoin issuer, which has made hiring central to its ambitions in the global bullion market.

Why is recruitment important?

Vincent Domian, former global head of metals trading at HSBC and board member of the London Bullion Market Association (LBMA), joined Tether in late 2025.

He was succeeded by Matthew O’Neill, who oversaw the bank’s precious metals trading across Europe, the Middle East and Africa.

Both men were hired as part of CEO Paolo Ardoino’s plan to compete directly with banks such as JPMorgan and HSBC in bullion trading.

Ardoino previously told Bloomberg that his company needed to build the world’s best gold trading venue.

Tether has amassed approximately 140 tonnes of physical gold stored in a Cold War-era nuclear bunker in Switzerland.

Its reserves are valued at about $24 billion, making it one of the largest known holders of bullion outside of central banks, exchange-traded funds and commercial banks.

Cryptocurrency companies in the commodity world

This rapid turnaround raises questions about how smoothly crypto-native companies can integrate traditional product talent.

Tether bought more than 70 tonnes of gold last year, more than almost every central bank except Poland. The company also indicated that it intended to actively trade its reserves to capture arbitrage between futures and spot prices.

However, the physical gold market operates based on long-standing relationships between banks, refiners, miners, and dealers.

Bridging the gap between crypto asset management and institutional bullion trading has proven difficult.

Tether has not publicly explained the reason for its departure. Neither Domian nor O’Neill commented.

The company continues to hold significant gold reserves and issues Tether Gold (XAUT), which accounts for approximately 60% of the gold-backed stablecoin market.

Whether Tether replaces traders or completely rebuilds its gold desk may indicate how committed it remains to Ardoino’s vision of rivaling sovereign-sized gold holders.