Stablecoin giant Tether invests heavily to poach talent from HSBC and increase gold reserves

The world's largest stablecoin issuer, Tether, is hiring two of the most senior precious metals traders from HSBC Holdings. This stablecoin giant is leveraging its substantial financial resources to build a massive gold reserve and challenge existing players in the gold and silver markets.

According to insiders, Vincent Domien, HSBC's global head of metal trading, will join the cryptocurrency company in the coming months, along with Mathew O'Neill, the head of precious metals for Europe, the Middle East, and Africa. In recent years, Tether has been actively expanding its footprint in the precious metals sector, accumulating one of the largest gold reserves in the world outside of banks and nations as part of its over $180 billion in reserve assets. HSBC is a cornerstone in the precious metals field and is widely regarded as the second-largest player after JPMorgan, with a business scope that includes futures trading, vault storage, and the global transportation of gold bars.