---
title: "After Aggressive Gold Buying, \"Stablecoin Leader\" Tether Suddenly Dismisses 2 Gold Traders, Only \"Months After\" Poaching Them from HSBC"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281274107.md"
description: "The departure reasons for two senior metals traders, Vincent Domien and Mathew O’Neill, are unknown. When they joined, Tether was in the midst of a record-breaking gold purchasing year, aiming to build the \"world's best gold trading desk.\" However, gold prices fell in March under multiple pressures, and both gold and Bitcoin faced pressure simultaneously. Analysis suggests Tether chose to downsize the team after completing its position building"
datetime: "2026-04-01T00:53:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281274107.md)
  - [en](https://longbridge.com/en/news/281274107.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281274107.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/281274107.md) | [繁體中文](https://longbridge.com/zh-HK/news/281274107.md)


# After Aggressive Gold Buying, "Stablecoin Leader" Tether Suddenly Dismisses 2 Gold Traders, Only "Months After" Poaching Them from HSBC

Stablecoin giant Tether has dismissed the gold trading team it poached from HSBC.

On March 31, according to Bloomberg citing people familiar with the matter, stablecoin giant Tether has dismissed senior metals traders Vincent Domien and Mathew O'Neill, both of whom had joined the company from HSBC Holdings just a few months ago.

**The reasons for their departure are currently unclear. When the two joined Tether, the company was in the midst of a record-breaking gold-buying year, with its purchases exceeding those of almost all central banks.** Tether stated in response to an inquiry from Bloomberg News:

> **The company is always committed to maintaining a lean team and continuously optimizing its operations.**

**This personnel change occurs as Tether faces pressure from a pullback in gold prices.** In March, impacted by the situation in the Middle East, crude oil prices surged while the gold market suffered its worst monthly performance since 2008. Against this backdrop, crude oil prices denominated in gold rose significantly this month, breaking a multi-year downward trend.

![Image](https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/4cfff6f2-5c81-4362-927f-77ce05a69a16.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

(Crude oil prices denominated in gold rose significantly in March)

## Poaching from HSBC, Aiming to Dominate the Gold Market

The recruitment of Domien and O'Neill initially drew widespread attention in the gold market.

Both had held key positions at HSBC, with Domien in charge of global metals trading and O'Neill serving as a top salesperson.

**Tether brought the two on board with the goal of professionalizing its gold reserve management and generating returns through active management of gold assets; its public statements even claimed it would build the "world's best gold trading desk."**

Tether's completion of its record-breaking gold-buying year, with procurement volumes exceeding almost all central banks, happened to coincide with when the two joined.

However, as gold prices were hit in March by multiple pressures—including a sell-off wave triggered by the Iran conflict, rising interest rate expectations, and selling by at least one central bank—the simultaneous decline of gold and Bitcoin has put pressure on its investment portfolio.

Analysts believe Tether appeared to choose to downsize the team after completing its position building; the company has approximately 300 employees.

**This layoff also reflects another side of the talent war in the commodities industry.** Over the past year, several trading firms have spared no expense in poaching talent from traditional banking institutions that dominate the gold market.

According to reports, Mercuria Energy Group hired Benjamin Binet-Laisne from Goldman Sachs, and Gunvor Group has also recruited a group of traders from various institutions.

## First Comprehensive Audit Launched, Financing Plan Paused

The personnel changes in the gold team occur as Tether itself undergoes a significant transformation.

**Tether announced this month that it has commissioned a major accounting firm to conduct its first comprehensive financial audit. Meanwhile, the company's plan to raise up to $20 billion in external funding has been put on hold and will only proceed after the audit results are released.**

Tether is the issuer of USDT, the world's largest USD-pegged stablecoin, which currently has a circulating supply of approximately $184 billion.

At the beginning of the year, the company held approximately 140 tons of gold, primarily used to support the reserves of USDT and its smaller gold-pegged stablecoin, XAUT.

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