Tether has dismissed two of its top traders #الذهب just a few months after recruiting them from Hong Kong and Shanghai Banking Corporation, one of the world's largest banks. The decision came as a surprise, reflecting a reversal of a strategy that the company had considered fundamental to entering the global gold markets.

In late 2025, Tether hired Vincent Dumián, who previously served as Global Head of Metal Trading at Hong Kong and Shanghai Banking Corporation, and was also a member of the London Bullion Market Association, the main organization that regulates and manages the global gold market in London.

They also recruited Matthew O'Neill, who was responsible for establishing precious metals deals in Europe, the Middle East, and Africa.

Tether CEO Paulo Ardino described these appointments as a key step toward building the world's best gold trading hub, directly competing with major banks such as JPMorgan Chase, one of the largest investment banks in the world, and Hong Kong and Shanghai Banking Corporation.

This move coincided with Tether quietly accumulating around 140 tons of physical gold, reportedly stored in a bunker dating back to the Cold War era in Switzerland—fortified facilities built during tensions between the United States and the Soviet Union. The estimated value of this gold is approximately $24 billion, placing the company among the largest gold holders outside governments and central banks.

However, the sudden departure of these officials highlights the challenges between cryptocurrency companies and the traditional gold market, which heavily relies on long-standing relationships and trust among major financial institutions. Tether had previously indicated plans to actively trade its gold reserves, exploiting price differences between the futures market (—contracts to buy gold at a set price in the future )—and the physical gold market (—the actual stored and directly sold gold )—after purchasing more than 70 tons of gold just last year.

So far, Tether has not provided an official explanation for the dismissal, and neither of the traders has commented on their departure.

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