Stablecoin giant Tether poaches senior precious metals trading executive from HSBC US, aiming to challenge the traditional financial institutions' dominant position in the gold market.

According to Zhixingtong Financial APP, stablecoin giant Tether Holdings SA is accelerating its entry into the physical gold market. According to insiders, the company has poached two of the most senior precious metals trading directors globally from HSBC Holdings (HSBC.US), with plans to use substantial funds to build a large gold reserve and challenge traditional financial institutions' dominant position in the gold market.