(Kitco News) - Growing economic and geopolitical uncertainty has propelled gold prices to record highs this year, and the insatiable appetite for the yellow metal is now spilling into the digital realm.
Tether Holdings, already the largest holder of gold outside official reserves, is capitalizing on this momentum with a significant expansion of its precious metals team.
According to reports, the cryptocurrency firm plans to hire two of the world’s most senior precious metals traders from HSBC Holdings. Anonymous sources say Vincent Domien, HSBC’s global head of metals trading, will join Tether in the coming months, alongside Mathew O’Neill, the bank’s head of precious metals origination for Europe, the Middle East, and Africa.
Tether’s recruitment drive underscores the success of its leading tokenized gold product, Tether Gold (XAU₮), whose market capitalization surpassed $1.44 billion in the third quarter.
As of the end of October, the company said XAU₮ was backed by 375,572.297 troy ounces of gold, with each token representing at least one ounce. The firm has sold 235,820.936 tokens to date and holds 139,751.311 tokens available for sale.
While Tether dominates the space, competition is heating up. HSBC’s Gold Token, launched in March 2024, has already processed over 100,000 transactions and seen trading volumes exceed $1 billion, according to John O’Neill, head of digital assets and currencies at HSBC.
O’Neill revealed the figures during Hong Kong FinTech Week 2025, signaling that the convergence of traditional finance and blockchain technology is accelerating faster than ever.
