Key Takeaways
- Tether Holdings is hiring senior HSBC precious metals traders to grow its gold reserves and expand its influence in the bullion market.
- The company is diversifying beyond its core stablecoin business and expanding into precious metals trading and ownership.
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Tether, a stablecoin issuer, is recruiting senior talent from HSBC as it expands into the bullion market. The company has amassed a massive gold reserve as part of its $180 billion total assets.
The move comes amid a historic rally in gold and growing competition for experienced metal traders.
It has become increasingly common for banks and trading houses to hire gold specialists to capitalize on the booming bullion market. Tether is actively purchasing physical gold from Swiss refiners while investing in gold royalty and mining companies.