Tether spends huge sums to poach talent from HSBC to increase its gold reserves.

Tether, the world's largest stablecoin issuer, is hiring two top global precious metals traders from HSBC Holdings to further expand its presence in the precious metals market.

Leveraging its strong financial resources, the stablecoin giant is actively building massive gold reserves and gradually challenging major players in the traditional gold and silver markets.

According to sources familiar with the matter, Vincent Domien, HSBC's global head of metals trading, will join the cryptocurrency company in the coming months, along with Mathew O’Neill, the bank's head of precious metals issuance for Europe, the Middle East, and Africa. In recent years, Tether has continuously expanded its investment in precious metals as part of its over $180 billion reserve asset allocation, accumulating one of the world's largest gold reserves outside of banks and nations.

HSBC holds a significant position in the precious metals sector, widely considered the second-largest market player after JPMorgan Chase, with businesses covering key aspects such as futures trading, vault custody, and global gold bar transportation.