Stablecoin

Major

Gold

Tether's push to dominate the global gold market appears to have hit a new snag.&nbsp;
The company behind the largest stablecoin, USDT, has reportedly parted ways with two senior precious metals traders just months after hiring them, Bloomberg <a href="https://www.bloomberg.com/news/articles/2026-03-31/tether-cuts-top-gold-traders-months-after-hiring-them-from-hsbc" rel="noopener noreferrer nofollow">reported</a>.&nbsp;
It is raising fresh questions about its ambitious expansion into bullion trading.
<a href="https://www.thestreet.com/crypto/innovation/tether-ceo-launches-new-us-based-stablecoin" rel="noopener noreferrer nofollow">Related: Tether CEO launches new US-based stablecoin</a>
<h2 id="a-rapid-shake-up-on-tether-s-gold-desk">A rapid shake-up on Tether’s gold desk</h2>
Vincent Domien and Mathew O’Neill, both formerly of <a href="https://www.bloomberg.com/news/articles/2025-11-11/tether-hires-top-hsbc-gold-traders-to-take-on-bullion-market" rel="noopener noreferrer nofollow">HSBC,</a> were brought in as part of Tether’s effort to build what it described as “the best trading floor for gold in the world.”&nbsp;
Their exits, within four months of joining, mark a swift reversal for a strategy that had signaled serious intent to professionalize its metals operation.
Domien had served as HSBC’s global head of metals trading, while O’Neill was a senior salesperson in the bank’s precious metals division. Their recruitment was widely seen as a move to bring institutional-grade expertise into Tether’s growing gold business.
The reasons behind their departure remain unclear.&nbsp;
TheStreet <a rel="noopener noreferrer nofollow">Roundtable</a> reached out to Tether for a comment and had not received a response by the time of publication.
<h2 id="billions-in-gold-but-strategy-still-evolving">Billions in gold, but strategy still evolving</h2>
Tether’s push into gold has been anything but modest. The firm is one of the largest non-state holders of bullion globally.
At the start of 2026 the company said it held around 140 tons of gold. These reserves underpin both its flagship stablecoin, Tether (USDT), and its smaller gold-backed token offering.&nbsp;
Domien and O’Neill were expected to play a key role in this vision, not only managing bullion acquisition but also generating yield by lending out gold.&nbsp;
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<h2 id="audit-fundraising-and-broader-implications">Audit, fundraising and broader implications</h2>
The personnel shake-up comes at a pivotal moment for Tether. The company recently said it had engaged a major accounting firm to conduct its first full <a href="https://www.thestreet.com/crypto/trading/tether-might-need-a-big-four-audit-now-more-than-ever" rel="noopener noreferrer nofollow">financial audit</a>,&nbsp;a long-awaited step toward greater transparency.
At the same time, plans to raise to $20 billion in external funding have reportedly been paused pending audit results.&nbsp;
<a href="https://www.thestreet.com/crypto/markets/major-gold-holder-announces-first-full-audit-after-years-of-scrutiny" rel="noopener noreferrer nofollow">Related: Major gold holder announces first full audit after years of scrutiny</a>

Gold giant reportedly fires two precious metal traders in just four months

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Other articles published on Mar 31, 2026

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