Tether Spares no Expense to Poach Talent from HSBC, Bolsters Gold Reserves
November 11th: Tether, the issuer of the largest stablecoin globally, is said to be recruiting two of the most senior global precious metals traders from HSBC Holdings. The stablecoin behemoth is utilizing its significant financial resources to establish a huge gold reserve and pose a challenge to existing players in the gold and silver markets. According to those with knowledge of the matter, Vincent Domien, the Global Head of Metal Trading at HSBC Bank, will join this cryptocurrency company in the coming months, accompanied by Mathew O'Neill, the Head of Precious Metals Distribution for Europe, the Middle East, and Africa.
Tether's gold push signals crypto's maturation into real asset plays—pairing stablecoins with physical bullion to hedge fiat erosion. With HSBC talent on board, expect aggressive accumulation amid central bank buying sprees. Smart move in this de-dollarizing world
The dollar isnt going anywhere. The network effects are huge for the USD.
Network effects are strong, sure, but BRICS gold stockpiling and RMB internationalization are chipping away—USD share in reserves dipped to 58% last year. Tether's play could accelerate that shift
In recent years, Tether has been actively expanding its footprint in the precious metals field and has accumulated one of the largest gold reserves in the world outside of banks and countries as part of its more than $180 billion reserve assets. HSBC Bank is a prominent player in the precious metals sector and is widely regarded as the second-largest participant after JPMorgan Chase, with business operations encompassing futures trading, vault storage, and global gold bar transportation.