Tether has laid off two key gold traders just months after hiring them as part of its gold reserve initiative, with reasons for their departure unclear.
Tether has terminated the contracts of two prominent gold traders, Vincent Domien and Matthew O’Neil, just a few months after they joined the company from HSBC, as reported by Bloomberg.
The duo was recruited as part of Tether's initiative to build a gold reserve valued at tens of billions of dollars, with ambitions to create a leading trading platform for gold.
The exact reasons for their dismissal remain undisclosed. Domien was previously the global head of metals trading at HSBC, while O’Neil was a top sales specialist.
In response to the layoffs, Tether stated, “We aim to operate with a small team and continuously optimize our operations. We have built a modern gold team that leverages recent investments,” according to Bloomberg.
Tether reported a net profit of over $10 billion by the end of 2025, with a workforce of approximately 300 employees worldwide.
Market Overview
As of January 31, investment bank Jefferies noted that Tether had amassed 148 tons of gold, valued at around $23 billion, making it one of the top thirty global holders of precious metals. The company has been acquiring gold at a pace that outstrips most central banks, second only to Poland and Brazil.
Tether CEO Paolo Ardoino confirmed that the gold is securely stored in a former nuclear bunker in Switzerland. The physical gold serves as collateral for both USDT and XAUT stablecoins, with XAUT pegged to the price of gold. Currently, XAUT's market cap is about $2.6 billion, while USDT's market cap is roughly $184 billion, according to CoinGecko.
Audit reports from BDO Italia indicate that Tether's total reserves reached $192.9 billion as of December 31, 2025, including significant holdings in U.S. Treasury bonds, precious metals, and Bitcoin. Tether aims to increase its gold holdings to 10-15% of its portfolio, currently over 9%.
Gold prices have fluctuated significantly, starting the previous year around $2,600 per ounce and soaring to over $5,300 by the end of January 2026 before entering a correction. March marked the deepest monthly decline in gold prices since 2008, with the asset currently trading near $4,640.
Tether also announced plans for a comprehensive financial audit by a major accounting firm, with KPMG expected to undertake the process.
