PANews reported on April 1st, citing Bloomberg, that stablecoin issuer Tether has dismissed two senior precious metals traders, Vincent Domien and Mathew O'Neill, whom it poached from HSBC several months ago. The two previously served as HSBC's global head of metals trading and top sales, respectively, and were hired to help Tether specialize in gold procurement and actively manage its gold reserves. Tether responded that the company consistently strives to streamline its team and continuously optimize its operations.

Tether holds approximately 140 tons of gold, primarily used to back USDT and its smaller gold-backed token, XAUT. With gold recently experiencing its largest monthly drop since 2008, coupled with a decline in Bitcoin prices, this could put pressure on Tether's portfolio.