Amid global economic and geopolitical uncertainty, gold prices have climbed to a record high this year. The demand for this precious metal is not only in the traditional market but also spreading to the digital field.
Tether Holdings - the world's leading company in gold holdings outside national reserve warehouses is taking advantage of this trend by strongly expanding its precious metals trading team.
According to sources, Tether plans to recruit two of the world's leading experts in the field of precious metals trading from HSBC Holdings.
Accordingly, Vincent Domien - Global Director of HSBC's metals trading department - will join Tether in the next few months, along with Mathew O'Neill, head of HSBC's precious metals product launch department in Europe, Middle East and Africa.
This recruitment move shows the outstanding success of Tether's issuance of cryptocurrency gold - Tether Gold (XAU - with a market capitalization of over 1.44 billion USD in the third quarter.
As of late October, Tether said the XAUs were guaranteed 375,572.297 ounces of gold, each accounting for at least an ounce. The company has sold 235,820.936otes and still holds 139,751.311otes ready to trade.
Although Tether is leading the market, competition is increasing rapidly. HSBC - the former "home" of the two characters about to join Tether - launched the Gold Token product in March 2024. In just a few months, the product has processed more than 100,000 transactions with transaction volumes exceeding $1 billion, according to John ONeill, head of digital assets and currencies at HSBC.
