In a move that screams “seriously, who needs enemies?” Tether, the stablecoin company, now boasts over a colossal $12 billion in gold reserves. Yes, billion with a “B,” because why not collect piles of shiny metal while pretending to be stable? As if that weren’t enough, they’ve decided to snatch two of HSBC’s finest precious metals wizards. Oh, the drama! 🎭
Apparently, HSBC’s top traders, Vincent Domien and Mathew O’Neill-who undeniably look like they know their way around a gold bar-are heading to Tether. Sources whisper that these two have already waved goodbye to HSBC, allegedly over a cup of tea and a few secret handshakes. Or maybe just their hefty compensation packages. Either way, hello, shiny new toys! 🏦💼
Domien, who’s been the big boss of metals at HSBC since 2022 and somehow sits on the London Bullion Market Association’s board, is probably dreaming of gold-infused donuts by now. O’Neill, in service since 2008, must feel like he’s finally getting a role in the grand theater of… gold trading.
HSBC, the ever-silent giant, declined to comment faster than a cat retreating from a bath. Maybe they’re just jealous? 🤷♂️
Meanwhile, Tether, the company that’s busy issuing the ever-mysterious Tether Gold (XAUT), has turned into a gold-loving titan. With over $12 billion in reserves as of September and a market cap for XAUT at $2.1 billion, one might think they’re trying to put Fort Knox out of business. The stablecoin USDT keeps pegging to the dollar, backed by good old US government debt, because nothing says stability like a government IOU, right? 🇺🇸💵
In total, Tether holds reserves worth more than $180 billion-because apparently, normal piggy banks are too boring now.
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2025-11-13 06:40