Tether's Gold Desk Cuts Spark Concerns Ahead of Audit

Tether's recent hiring of top gold traders from HSBC has raised eyebrows in the crypto community. Paolo Ardoino, Tether's CTO, stated that the company wanted to allocate 10-15% of its $20 billion proprietary investment portfolio to physical gold.

Just days after announcing this ambition, Tether reported a profit of over $10 billion for 2025 and excess reserves of $6.3 billion. The company's recruitment drive included two key hires: Vincent Domien, HSBC's former global head of metals trading, and Mathew O'Neill, who oversaw precious metals origination across Europe, the Middle East, and Africa.

However, in a surprising move, Tether dismissed both traders just three months into their tenure. This decision has been interpreted as a deliberate attempt to rebrand itself before undergoing a full financial statement audit with a Big Four firm.