Tether Fires HSBC Gold Traders Months After Hiring Them
Tether abruptly fired two senior gold traders recruited from HSBC just months after hiring them, raising questions about its ambitions in the bullion market.Summary
Tether Holdings SA unexpectedly terminated the employment of two senior precious metals traders, Vincent Domien and Mathew O’Neill, who were recently recruited from HSBC. These hires were initially seen as crucial to Tether’s strategy of competing with major banks like JPMorgan and HSBC in the global bullion market, with CEO Paolo Ardoino aiming to build “the best gold trading floor in the world.” Tether has amassed approximately 140 tons of physical gold, valued at around $24 billion. However, the quick departure of these traders highlights the challenges a crypto-native firm faces when integrating into the traditional commodities world, which relies heavily on established relationships. Tether has not provided a public explanation for the firings, but continues to hold substantial gold reserves and issue Tether Gold (XAUT). The company’s next steps regarding its gold desk will indicate its long-term commitment to becoming a major player in the gold market.
(Source：BeInCrypto)