“Tether has amassed one of the world’s biggest hoards of gold outside of banks and nation states,” Bloomberg reported, citing the company’s September reserves data showing over $12 billion in bullion holdings."

HSBC is considered the largest global precious metals player after JPMorgan Chase, with deep infrastructure in trading, vaulting, and physical logistics. The loss of Domien and O’Neill marks a significant shift for the London gold market, where veteran traders have long maintained close ties between the LBMA and major Western banks.