Tether Gold Hires HSBC Traders to Boost $12B Reserves
Tether Gold has recruited two HSBC metals trading veterans, Vincent Domien and Mathew O’Neill, to expand its bullion operations. The move supports Tether Gold’s push to build over $12 billion in private physical gold reserves, adding more than one tonne each week.
By internalizing execution, sourcing, custody and hedging, Tether Gold aims to improve trade timing, settlement efficiency and reporting transparency. The firm’s XAUT token is backed by about 1,300 allocated bars and $2 billion in circulation, separate from USDT reserves.
With gold prices at record highs and central banks boosting purchases, Tether’s bullion holdings generated $13 billion in profits last year. Traders will monitor upcoming reserve attestations and balance sheet updates to gauge the impact on liquidity management, transparency and potential shifts in asset mix.
Bullish
In the short term, hiring senior metals traders enhances Tether Gold’s operational capabilities, likely boosting confidence and liquidity for the XAUT token. Improved execution and transparency can attract more investors, driving demand. Over the long term, building a $12B bullion reserve and stronger custody and hedging processes solidify Tether Gold’s market position. These advances should underpin stable growth and positive price trends for XAUT, making the outlook bullish.