TLDRTether has removed two senior precious metals traders hired from HSBC within months of their recruitment.Vincent Domien and Mathew O’Neill have left the company, according to a Bloomberg report.Tether has not publicly disclosed the reason for its departures.The exits come as Tether advances its first full financial audit with KPMG.Tether holds around 140 tons of physical gold valued at about $24 billion.Tether has removed two senior gold traders hired from HSBC within months of their recruitment, according to Bloomberg. Vincent Domien and Mathew O’Neill have exited the company, although Tether has not disclosed reasons. Their departure comes as Tether moves forward with a full financial audit by KPMG and reassesses operations.Tether Gold Desk Sees Leadership ExitBloomberg reported that Vincent Domien and Mathew O’Neill have left Tether this week. However, the company has not clarified the circumstances surrounding their departures. The Block contacted Tether for comment, yet it has not issued a public response.Domien previously led global metals trading at HSBC and served on the London Bullion Market Association board. O’Neill managed precious metals origination across Europe, the Middle East, and Africa at HSBC. Tether recruited both executives in late 2025 to expand its bullion operations and increase revenue streams.Chief Executive Paolo Ardoino had stated that Tether planned to compete directly with major banks in gold trading. He told Bloomberg the company aimed to build “the best gold trading floor in the world.” However, the recent exits alter the leadership structure of that strategy.Audit Process and Bullion Strategy Under ReviewTether holds about 140 tons of physical gold, which it stores in Switzerland. That reserve carries an estimated value of $24 billion based on current market prices. The company acquired more than 70 tons of gold last year to strengthen its balance sheet.Tether issues Tether Gold (XAUT), which represents around 60% of the gold-backed stablecoin market. The company had explored lending its bullion to generate yield and diversify income beyond USDT. However, it has not confirmed whether it will continue that approach following the traders’ exits.The leadership changes coincide with Tether’s decision to appoint KPMG for its first full audit. The audit follows the 2024 launch of USDT under the current corporate structure. Tether has also considered raising and tokenizing up to $20 billion in external funding, although it has paused those plans pending audit results.Tether has not announced replacements for Domien or O’Neill at this time. Neither executive has issued a public statement regarding the departure. The company continues to maintain its gold reserves and operate Tether Gold in global markets.The post Tether Cuts Former HSBC Metals Chiefs as Audit Proceeds appeared first on Blockonomi.