Tether spends heavily to poach from HSBC, increasing gold reserves

On November 11, Tether, the world's largest stablecoin issuer, is hiring two of the most senior precious metals traders from HSBC Holdings. This stablecoin giant is leveraging its substantial financial resources to build a large gold reserve and challenge existing participants in the gold and silver markets. According to insiders, HSBC's global metals trading head, Vincent Domien, will join the crypto assets company in the coming months, along with Mathew O'Neill, the precious metals issuance head for Europe, the Middle East, and Africa. In recent years, Tether has actively expanded its footprint in the precious metals sector, accumulating one of the largest gold reserves in the world outside of banks and nations as part of its over $180 billion reserve assets. HSBC is a cornerstone player in the precious metals field and is widely considered the second largest player after JPMorgan, with a business scope that includes futures trading, vault storage, and the global transport of gold bars. (Jin10)