Tether has cut two senior precious metals traders it hired from HSBC just months ago to professionalize its bullion buying and improve incoming generation streams beyond its stablecoin business.
Vincent Domien and Mathew O’Neill have both left the company, Bloomberg reported Tuesday. The reason for their departure was not immediately clear. The Block reached out to Tether for comment.
Tether, best known as the issuer of the USDT stablecoin, has been steadily expanding into precious metals. The firm held roughly 140 tons of gold at the start of the year, a stockpile worth tens of billions of dollars. Domien and O’Neill were reportedly brought in to spearhead revenue strategies by lending out Tether’s bullion stack.
Their departure comes during a big overhaul of Tether’s financial profile. The company has tapped KPMG to conduct its first full audit, after launching USDT in 2024.
Tether has also explored raising and tokenizing as much as $20 billion in external funding, though those plans remain on hold pending audit results.
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