Tether Dismisses Senior Gold Traders Amid Volatility

Tether, the issuer of the world's largest stablecoin, has dismissed two senior precious metals traders it recruited from HSBC just months after their hiring, as the company navigates volatile gold markets and prepares for its first full financial audit.

The traders, Vincent Domien and Mathew O'Neill, joined Tether in late 2025 to establish an internal gold trading desk. Domien had served as HSBC's global head of metals trading and a board member of the London Bullion Market Association. O'Neill oversaw precious metals origination across Europe, the Middle East, and Africa. Their recruitment was part of Tether's strategy to expand into bullion markets and manage physical gold assets directly, rather than relying solely on third-party providers. Tether has not disclosed the reasons for the dismissals, which occurred around late March 2026, and neither executive has commented publicly.

The move coincides with a sharp decline in gold prices, which fell 12.7 percent in March 2026, marking the steepest monthly drop since October 2008. Spot gold prices, which reached a record high of $5,595 per troy ounce in January 2026 amid speculative demand, have since declined about 18 percent to...