TLDR
- Tether has released Vincent Domien and Mathew O’Neill months after hiring them from HSBC.
- The traders were hired to expand Tether’s bullion trading and gold lending business.
- Tether holds about 140 tons of physical gold valued at roughly $24 billion.
- KPMG is conducting Tether’s first full audit as the company reviews its financial profile.
- Tether Gold remains a major product and holds about 60% of the gold-backed stablecoin market.
Tether has parted ways with two former HSBC gold traders while KPMG reviews the company in its first full audit. The move comes only months after the stablecoin issuer hired them to expand its bullion business. The exit marks a sharp change in a plan that tied gold trading to broader revenue goals.
Vincent Domien and Mathew O’Neill had joined Tether in late 2025. They were brought in to help build a stronger trading desk for physical gold. Their departure was first reported by Bloomberg, and the reason was not publicly explained.
Tether changes course on bullion hires
Domien was HSBC’s former global head of metals trading. He also served on the board of the London Bullion Market Association. O’Neill had led precious metals origination across Europe, the Middle East, and Africa.
Tether had presented both hires as central to its gold market push. Chief Executive Paolo Ardoino had told Bloomberg the company wanted “the best gold trading floor in the world.” That plan aimed to place Tether closer to major banks in bullion dealing.
The company had also explored using its gold reserves more actively. That included lending bullion and capturing spreads between futures and physical prices. Those activities were meant to support income beyond its core stablecoin business.
Audit process adds focus to Tether strategy
The staffing change comes as KPMG conducts Tether’s first full audit. The audit is part of a wider review of the company’s financial structure and reporting. It also follows years of market attention on reserve transparency.
Tether launched USDT in 2014, and it has since become the largest stablecoin by circulation. A full audit has long been a key issue for investors and regulators. The KPMG process now gives added weight to any shift in senior hires.
The company has also discussed raising and tokenizing up to $20 billion in outside funding. Those plans remain on hold while the audit continues. That timing places more focus on internal discipline and near-term priorities.
Gold remains a major part of the business
Tether still holds a large gold position despite the trader departures. Reports said the company held about 140 tons of physical gold at the start of the year. That stockpile is worth about $24 billion at current prices.
The gold is reportedly stored in a former Cold War bunker in Switzerland. Tether bought more than 70 tons last year, according to earlier reporting. That buying pace placed it among the largest known private accumulators of bullion.
The company also issues Tether Gold, or XAUT, a token backed by physical gold. The product accounts for about 60% of the gold-backed stablecoin market. For now, Tether remains active in precious metals, even as its staffing plan changes.
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