Tether Cuts Two Ex‑HSBC Precious Metals Traders Months After Hiring
Tether Holdings SA has let go of two senior precious metals traders it hired from HSBC Holdings Plc only a few months earlier, according to people familiar with the matter. The hires had been viewed as a signal that Tether was beefing up capabilities in bullion markets and possibly exploring deeper ties between crypto and traditional commodity trading. The fast turnaround matters because Tether is best known as the issuer of the USDT stablecoin, and any shift in its approach to reserves or new business lines will be watched closely by traders and regulators. The departures suggest either integration problems or a strategic retrenchment, and could complicate any plans Tether had to expand into gold‑linked products or to diversify reserve holdings beyond cash and short‑term assets.