Tether hired Vincent Domien and Mathew O’Neill from HSBC in late 2025 and dismissed both within a few months.
The company has accumulated around 140 tons of physical gold valued near 24 billion and stored in Switzerland.
Tether planned to actively trade its gold reserves using arbitrage between physical and futures markets.

Tether has dismissed two senior gold traders shortly after hiring them from HSBC. The decision comes as it expands into bullion markets.

The company had earlier outlined strong plans in this sector. However, no official reason has been shared so far.

Senior Hires Exit After Short Tenure

Tether recruited Vincent Domien and Mathew O’Neill in late 2025. Domien previously led global metals trading at HSBC. O’Neill managed precious metals deals across several regions. Both brought long experience in traditional finance.

At the time, their hiring signaled a serious move into gold trading. The company aimed to build a strong internal team. These roles were tied to long-term plans. They were expected to guide early operations.

TETHER FIRES TOP GOLD TRADERS MONTHS AFTER HIRING THEM FROM HSBC

Tether has fired two senior gold traders it poached from HSBC just months ago, abruptly reversing a strategy it once called central to its push into global bullion markets.

In late 2025, Tether recruited Vincent… pic.twitter.com/qQytMOKhOX

— Bitcoin News (@BitcoinNewsCom) March 31, 2026

However, both traders have now left within months of joining. Neither has commented on the situation publicly. Tether has also remained silent on further details. This has left the market with limited clarity.

As a result, attention has shifted to Tether’s next steps. Market participants are watching for updates. The sudden exits have raised questions about internal strategy. Still, operations appear to continue as planned.

Plans for a Global Gold Trading Operation

Tether had announced plans to expand into global bullion markets. CEO Paolo Ardoino shared a clear vision at the time. He said the goal was to build a leading gold trading desk. The company aimed to compete with major banks.

BREAKING: Tether has fired two top gold traders just months after hiring them from HSBC.

Tether let go of two senior hires it brought in during late 2025 to expand into gold trading, reversing a strategy it had called a major priority.

The company had recruited Vincent Domien… pic.twitter.com/kshKi7FAJo

— SwanDesk (@SwanDesk) March 31, 2026

In addition, Tether planned to trade both physical gold and derivatives. This includes strategies based on price differences. Such methods are common among large financial firms. They require speed and strong execution.

Moreover, the company wanted to integrate gold into its broader business.

This includes linking digital assets with physical commodities. The approach reflects a wider trend in finance. Firms are exploring new asset combinations.

However, the recent changes may affect the pace of these plans. Even so, no shift in long term goals has been confirmed. The company has not announced any replacement hires. For now, the strategy remains in focus.

Gold Accumulation and Storage Strategy

Tether has built a large position in physical gold. Reports estimate holdings at around 140 tons. The total value is close to $24 billion. This places the company among major private holders.

The gold is reportedly stored in Switzerland. Some reports mention a secure facility with strong protection. This aligns with industry standards for storage. Safety remains a key priority for such assets.

At the same time, Tether increased its purchases over the past year. It acquired more than 70 tons during that period. These actions support its expansion into commodities. The company appears committed to this segment.

Furthermore, these reserves can support trading activity. Physical holdings allow for more flexibility in the market. They also provide backing for future strategies. This includes possible links to digital products.

Market Structure and Operational Challenges

The global gold market operates through long-standing relationships.

Many deals depend on trust between parties. This structure can be difficult for new entrants. It requires time to build connections.

In contrast, crypto firms often move at a faster pace. Their systems are more open and digital. This creates a gap between the two industries. As a result, integration can take time.

Therefore, firms entering bullion markets may face adjustments. They must align with existing practices. This includes working with established partners. It also involves adapting to slower processes.

For now, Tether continues its activity across both sectors. The company remains active in digital assets and commodities. Its next steps in gold trading are being closely watched. Further updates may provide more clarity soon.

The post Tether Fires Former HSBC Gold Traders Months After Bold Push Into Bullion appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ April 1, 2026 4:15 am