Tether Fires Two Senior Gold Traders Months After Hiring Them From HSBC

Tether Parts Ways With Key Gold Trading Hires

Stablecoin giant Tether has let go of two senior precious metals traders — Vincent Domien and Matthew O'Neil — just months after recruiting them from HSBC, according to Bloomberg, citing people familiar with the matter. The pair had been brought on board as Tether assembled a gold stockpile worth tens of billions of dollars.

Domien previously served as HSBC's global head of metals trading, while O'Neil was regarded as one of the bank's top sales specialists in the space. Their hiring was part of Tether's broader push to build what the company described as the "world's best trading venue" for the global asset.

The reasons behind their departure remain undisclosed. In a statement provided to Bloomberg, Tether said the company aims to operate with a lean team and continuously optimizes its operations. The firm added that it has built a modern gold team leveraging experience gained across all of its recent investments.

Tether reported net profit exceeding $10 billion for 2025, operating with a global staff of roughly 300 employees.

Why This Matters

The dismissal of two high-profile hires raises questions about Tether's precious metals strategy at a critical juncture. The company has rapidly accumulated gold reserves, breaking into the top 30 largest holders of physical gold worldwide. Staffing changes within this division could affect the pace of future acquisitions and management of a multi-billion-dollar portfolio.

Gold serves as backing for two Tether tokens — USDT and XAUT. The latter is pegged to the price of one troy ounce and carries a market cap of approximately $2.6 billion, while USDT's capitalization stands at roughly $184 billion according to CoinGecko. Any shifts in the team managing these reserves have implications for a vast number of stablecoin holders.

Tether's Gold Holdings by the Numbers

Investment bank Jefferies reported that Tether had accumulated 148 tons of gold valued at approximately $23 billion as of January 31. In terms of purchasing pace during 2025, the company outstripped most central banks globally, trailing only Poland and Brazil.

Tether CEO Paolo Ardoino has previously stated that the bullion is stored in a former nuclear bunker in Switzerland under heavy security. In January, he outlined plans to increase gold's share in the company's portfolio to 10–15%, up from a level that had already surpassed 9%.

An attestation report by BDO Italia showed that Tether's total reserves stood at $192.9 billion as of December 31, 2025. The bulk — $122.3 trillion — consisted of U.S. Treasury bills, while precious metals accounted for $17.5 billion and Bitcoin for $8.4 billion.

Gold Market Volatility Adds Context

The personnel shakeup coincides with a turbulent stretch for precious metals. Gold began 2025 trading near $2,600 per ounce and surged past $5,300 by late January 2026 during an extended rally. A sharp reversal followed — March saw the deepest monthly decline since 2008.

Gold currently trades near $4,640 per ounce, still representing a gain of nearly 50% over the past 12 months.

Meanwhile, Tether continues strengthening its credibility on the transparency front. In March, the company announced plans for a full financial audit by a Big Four firm. Media reports have identified KPMG as the prospective auditor.