Tether hired top HSBC gold traders, then cut them weeks before auditors arrive

Paolo Ardoino said that Tether wanted to allocate 10% to 15% of its $20 billion proprietary investment portfolio to physical gold. Two days later, Tether reported more than $10 billion in profit for 2025 and $6.3 billion in excess reserves. The company had already poached two precious metals traders from HSBC to build what Ardoino publicly called “the best trading floor for gold in the world.” The traders…