The stablecoin company Tether says it has now amassed more than $12 billion in gold reserves as the firm reportedly hires two of the world’s top metals traders.
Two senior traders of precious metals for HSBC Holdings, one of the world’s largest banks, will be assuming roles at Tether in the coming months, reports Bloomberg.
HSBC’s global head of metals trading Vincent Domien and Mathew O’Neill, head of precious metals origination for Europe, the Middle East and Africa, have already notified the bank they are leaving to take on roles at Tether, according to anonymous sources.
Domien, who became HSBC’s global head of metals since 2022, also holds a position on the board of the London Bullion Market Association, the main organization that sets standards for the global gold market.
O’Neill has been employed at HSBC since 2008.
An HSBC spokesperson declined to comment for the article.
The two hires come after Tether has quickly accumulated massive amounts of gold reserves now valued at more than $12 billion as of September, according to the stablecoin issuer’s last reserves report.
The company also issues the stablecoin Tether Gold (XAUT), which has a $2.1 billion market cap.
The Tether issued stablecoin USDT has a 1-to-1 peg to the dollar and is backed largely by US government debt.
Tether reports more than $180 billion in total reserve assets.
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