Stablecoin giant Tether spends heavily to poach talent from HSBC, increases gold reserves
ChainCatcher reported that Tether, the world's largest stablecoin issuer, is hiring two of the most senior global precious metals traders from HSBC Holdings. This stablecoin giant is leveraging its strong financial resources to build a massive gold reserve and challenge established participants in the gold and silver markets.
According to sources familiar with the matter, Vincent Domien, HSBC's Global Head of Metals Trading, will join the cryptocurrency company in the coming months, along with Mathew O’Neill, Head of Precious Metals for Europe, the Middle East, and Africa. In recent years, Tether has actively expanded its footprint in the precious metals sector, accumulating one of the world's largest gold reserves outside of banks and nations as part of its more than 180 billions USD in reserve assets. HSBC is a key player in the precious metals sector, widely regarded as the second largest participant after JPMorgan, with business spanning futures trading, vault custody, and global gold bar transportation.
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