Stablecoin issuer Tether spends huge sums to poach talent from HSBC and increase its gold reserves.

Tether, the issuer of the world's largest stablecoin, is hiring two of the world's most senior precious metals traders from HSBC Holdings. The stablecoin giant is leveraging its substantial financial resources to build massive gold reserves and challenge existing players 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 issuance for Europe, the Middle East, and Africa. In recent years, Tether has aggressively expanded its presence 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 billion in reserve assets. HSBC is a mainstay in the precious metals sector, widely considered the second-largest player after JPMorgan Chase, with operations spanning futures trading, vault storage, and global gold bar transportation. (Jinshi)