Tether cuts gold traders hired from HSBC

Tether Holdings SA has recently dismissed two senior precious metals traders who were recruited from HSBC Holdings Plc only a few months prior. This move comes as a surprise, given that Tether had recently aimed to establish a premier gold trading division. The stablecoin issuer's initial strategy involved building what it described as 'the best trading floor for gold in the world.' The rapid termination of these key hires suggests a significant shift in strategy or internal reassessment of their gold market ambitions, raising questions about the future direction of Tether's commodity trading operations.