31.03.2026 13:10

Here is the rewritten news report, using original language, varied sentence structures, and replacing specific website references with general internet sources:

**Tether Holdings SA dismissed two senior precious metals traders it had recruited from HSBC Holdings Plc just months prior. This abrupt departure represents a significant reversal for the stablecoin issuer, which had previously presented these hires as fundamental to its strategy for dominating the global bullion market.**

**The sudden departures raise critical questions about the integration capabilities of a crypto-native entity within the traditional commodities sector. Vincent Domien, HSBC’s former global head of metals trading and a board member of the London Bullion Market Association (LBMA), joined Tether in late 2025. Mathew O’Neill, who oversaw precious metals origination across Europe, the Middle East, and Africa at the bank, followed him shortly after. Both were brought on board as part of CEO Paolo Ardoino’s ambitious plan to directly challenge established banks like JPMorgan and HSBC in bullion trading. Ardoino had previously articulated to Bloomberg the company’s goal of establishing the world’s premier gold trading floor.**

**Tether has amassed a substantial physical gold hoard, approximately 140 tons stored in a former Cold War nuclear bunker in Switzerland. Valued at roughly $24 billion, this reserve positions the firm among the largest known holders of bullion outside central banks, exchange-traded funds, and commercial banks. This significant accumulation, including over 70 tons purchased last year – a volume exceeding nearly every central bank except Poland – underscores Tether’s aggressive push into the physical gold market. The company had also signaled intentions to actively trade its reserves to exploit arbitrage opportunities between futures and physical prices, with CEO Ardoino indicating plans to allocate roughly 10-15% of the portfolio to gold.**

**However, the physical gold market operates on deeply entrenched relationships between banks, refiners, and other traditional players. The rapid turnaround in Tether’s strategy prompts scrutiny regarding the challenges a crypto-focused company faces when attempting to assimilate the specialized talent and established networks inherent to the commodities world.**

**Sources indicate this development was reported by internet news outlets.**