Tether cuts gold traders amid KPMG audit push

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.