Why did Tether remove its gold traders?

Tether parted ways with two senior gold traders hired from HSBC as part of its restructuring and audit process. The exact reason was not disclosed, but the move comes during a broader overhaul of its financial operations.

Who were the traders that left Tether?

The two traders were Vincent Domien and Mathew O’Neill, both previously from HSBC. They had been brought in to strengthen Tether’s precious metals strategy.

What was Tether trying to achieve with these hires?

Tether hired the traders to scale its bullion trading operations and generate yield by lending out its gold holdings. This was part of a strategy to diversify revenue beyond its stablecoin business.

How much gold does Tether hold?

Tether holds around 140 tons of gold, valued at tens of billions of dollars. This positions it as a significant player in the precious metals market.

Why is Tether expanding into gold?

Tether is looking to diversify its income streams and reduce reliance on stablecoin-related revenue. Gold provides a traditional asset base that can generate yield through lending and trading.

What role does the KPMG audit play in this move?

Tether has appointed KPMG to conduct its first full audit, aiming to improve transparency and credibility. The restructuring, including staff changes, may be part of preparing for this audit.

Is Tether planning to raise new capital?

Yes, Tether has explored raising and tokenising up to $20 billion in external funding. However, these plans are currently on hold pending the outcome of the audit.

How does this affect confidence in Tether?

The audit could improve trust if it confirms the company’s financial position, but leadership changes may raise short-term uncertainty. Overall impact depends on audit results.

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Tether cuts gold traders amid KPMG audit push

Written by Jon CuthbertPublished Apr 1, 2026, 12:00 AM

Tether has parted ways with two senior gold traders hired from HSBC just months earlier as part of its push to expand into precious metals trading.

Vincent Domien and Mathew O’Neill have both exited the company, though the reasons for their departures have not been disclosed.

The hires were originally brought in to strengthen Tether’s bullion operations and develop revenue streams through gold lending strategies.

Tether has been increasing its exposure to precious metals, holding around 140 tons of gold at the start of the year, valued at tens of billions of dollars.

The changes come as the company undergoes a broader financial overhaul, including appointing KPMG to conduct its first full audit.

Tether is also exploring plans to raise and tokenise up to $20 billion in external funding, although these efforts remain on hold pending audit results.

The developments reflect Tether’s ongoing strategy to diversify beyond its stablecoin business while improving transparency and financial credibility.