Tether Holdings SA, the world’s leading stablecoin issuer, has made a major move to expand its influence in the global bullion market by recruiting two of HSBC’s most senior gold traders. The hires underscore Tether’s ambition to deepen its involvement in precious metals and solidify its position as a major player beyond the digital asset space.
Tether owns >100 tons of physical gold pic.twitter.com/gVnKe7rdL5
— Paolo Ardoino 🤖 (@paoloardoino) November 11, 2025
Tether now holds 100+ tons of gold — up from near zero in 2023. Backing USDT + XAUT, hiring HSBC traders, and eyeing $15B in profits, it's taking aim at the bullion elite.
Vincent Domien, currently HSBC’s global head of metals trading and a board member of the London Bullion Market Association, is set to join Tether in the coming months. He will be joined by Mathew O’Neill, HSBC’s head of precious metals origination for Europe, the Middle East, and Africa. Both are wrapping up their notice periods at HSBC, according to sources familiar with the matter.
Tether’s foray into gold has been striking. Over the past year, the company has built one of the largest gold reserves outside traditional banking and government institutions, with holdings exceeding $12 billion as of September 2024. Reports indicate that Tether added roughly one ton of gold each week during the year, contributing to its growing presence in the market.
In addition to its physical gold reserves, Tether offers Tether Gold (XAUT), a digital token backed entirely by physical gold bars. The company has also diversified into gold-related ventures, including royalty firms and segments of the supply chain.
For HSBC, the departure of Domien and O’Neill comes at a time of renewed competition for top talent in the precious metals sector. With gold prices hitting record highs and market activity intensifying, demand for experienced traders has surged across banks, hedge funds, and trading houses worldwide.
Tether’s aggressive strategy appears to be paying dividends. The company reportedly earned $13 billion in profits last year—on par with some of Wall Street’s largest banks—and expects to reach $15 billion in 2025.
As global investors increasingly seek stability through assets like gold and digital currencies, Tether’s continued expansion in bullion could reshape how traditional and digital markets intersect. With its latest hires, the company is signaling that its ambitions in the gold trade are only just beginning.
