Tether has recently poached two senior executives from HSBC, a bank renowned for overseeing one of the world’s most extensive gold vaults. As macroeconomic uncertainty fuels renewed interest in precious metals, the world’s largest stablecoin issuer is doubling down on its gold strategy.
On Tuesday, November 11, Tether announced the hiring of two top gold traders from London-based HSBC. Vincent Domien, HSBC’s global head of metals trading, will be joining Tether in the coming months. He will be accompanied by Mathew O’Neill, HSBC’s head of precious metals for Europe, the Middle East, and Africa.
The primary role of these two executives will be to aggressively expand Tether’s physical bullion holdings, which currently total $12 billion. These holdings include the reserves backing the Tether Gold (XAUT) token, which has a market cap of $1.56 billion. The remaining physical gold forms part of the reserves that back USDT, Tether’s flagship stablecoin.
### Tether Plans Major Gold Expansion
Tether has been steadily adding gold to its reserves at an average pace of one metric ton per week during September of this year. According to Bloomberg, this purchasing rate makes Tether one of the largest non-state buyers of gold globally.
Given this ambitious growth strategy, recruiting senior HSBC executives with deep expertise in metals trading makes strategic sense for Tether as it seeks to strengthen and expand its gold holdings.
https://crypto.news/tether-taps-hsbc-executives-ramp-up-12b-gold-strategy/
