Tether added another ton of gold to its balance sheet this week

Tether has taken another strategic step toward strengthening its position in the global gold market by hiring two leading precious metals specialists from HSBC Holdings Plc. This appointment underscores the company's commitment to growing its metals trading operations.

New Appointments at Tether

According to information published by Bloomberg, Vincent Dominien, global head of metals trading at HSBC, and Matthew O'Neill, head of precious metals trading for the EMEA region, are joining the Tether team. Both specialists have extensive experience setting pricing and delivery standards in the London market, indicating Tether's commitment to transitioning from a large buyer to a more structured participant in metals trading.

Gold Inventory Increase

According to the latest data, Tether added more than 1 ton of gold in the past week, bringing its total bullion holdings to approximately $12 billion. This figure is expected to grow to $15 billion by the end of the year. The involvement of experienced metals trading specialists will allow the company to conduct large-scale purchases without distorting prices, which is essential for maintaining stability and transparency in its operations.

Diversified Reserve

Tether also announced that gold is held alongside Treasury bonds in a diversified reserve, totaling $180 billion. This confirms the company's strategy to create a reliable financial base for its operations.

Launch of the XAUT Stablecoin

Furthermore, Tether announced the launch of the gold-backed stablecoin XAUT, which represents a tokenized claim on the precious metal held by the company. Currently, the digital asset is worth over $2 billion, backed by approximately 1,300 gold bars.

Thus, Tether continues to actively develop its position in the precious metals market, which could have a significant impact on the future of the company and its stablecoins.