According to Bloomberg, Tether has laid off two precious metals executives who were headhunted from HSBC Holdings a few months ago, including former HSBC Global Metals Trading Director Vincent Domien and Senior Sales Manager Mathew O’Neill. The two previously joined Tether with the plan to help build a leading global gold trading platform and promote gold lending business. Tether currently holds about 140 tons of gold, making it one of the largest gold reserves outside of global banks and sovereign institutions, primarily used to support USDT and its gold-related token businesses. The company stated that it will continue to optimize operations with a lean team approach.