Overview
- HSBC veterans Vincent Domien and Mathew O’Neill are set to join Tether after notice periods to lead precious-metals expansion and trading.
- Tether’s physical gold holdings exceed $12 billion, with purchases reported at roughly one metric ton per week, placing it among the largest non-state buyers.
- The new team is tasked with growing bullion exposure, improving execution and hedging, and tightening storage and custody arrangements.
- HSBC operates one of the world’s largest private gold vaults and is a leading market maker and LBMA clearing member, underscoring the hires’ expertise.
- Tether reports USDT supply above $183 billion and $6.5 billion in excess reserves, while gold prices have rebounded above $4,100 this week.