Stablecoin giant Tether poaches from HSBC: Two senior executives from the precious metals trading division are set to join.

[Block Rhythm] The stablecoin leader Tether has recently made a big move.

On November 11, news broke that they tapped two heavyweight figures from HSBC. One is Vincent Domien, the global head of metal trading, and the other is Mathew O'Neill, who is responsible for precious metal issuance in Europe, the Middle East, and Africa. It is said that they will officially join in the coming months.

This is actually not surprising. Tether has been expanding into the precious metals sector in recent years, and now their gold reserves are among the largest in the world—hardly anyone can match them, except for those banks and countries. And this gold is just a part of their over $180 billion in reserve assets.

It is worth mentioning that HSBC is not a minor player in the precious metals circle. It is widely regarded as the second largest player after JPMorgan, excelling in everything from futures trading to vault custody, and even global transportation of gold bars.

Now Tether has poached core team members from HSBC, clearly aiming to carve out a share in the gold and silver market. With its strong financial backing, this stablecoin giant is challenging the old players in the traditional precious metals market.