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The fact that the Trump administration chose to anoint Delcy Rodríguez, who served as Nicolás Maduro's staunchly loyal (or so he thought) Vice President, as the new leader of the country has left many wondering why he passed over Maria Corina Machado.

Machado, as a longtime Venezuelan opposition and democracy activist, had made headlines last month when she traveled to Norway to receive the Nobel Peace Prize. Given that President Trump had apparently expected to receive it, recently boasting of "ending seven wars" - she tried to soften the awkwardness of the situation by the symbolic gesture of 'dedicating' it to Trump.

But in a fresh Fox News interview, Machado took shots Delcy Rodríguez, who was formally sworn in on Tuesday, describing that she does not represent democratic aspirations or true reform. 

"So this is very alarming. This is something that has to be followed carefully, I’m sure, by the United States government and by the Venezuelan people," Machado said. "And certainly we believe that this transition should move forward."

She said of the woman who has been Maduro's number two since 2018:

"Delcy Rodriguez, as you know, is one of the main architects of torture, persecution, corruption, narco trafficking," Machado said.

"She’s the main ally and liaison with Russia, China, Iran, certainly not an individual that could be trusted by international investors. And she’s really rejected, repudiated by the Venezuelan people."

Machado too must be really questioning why she was clearly dropped from consideration in terms of new Venezuelan leadership.

One analyst says that despite the amusing and distracting nature of Trump's apparent obsession with the Nobel, choosing Rodriquez really has nothing to do with this at all.

Daniel DePetris of Defense Priorities explained in the following astute X thread [emphasis ZH]:

Why Trump soured on Machado, and it has nothing to do with his obsession about the Nobel Peace Prize...

Trying to install Machado (or Gonzalez) atop the Chavismo system, which remains intact, was untenable. It was never going to work. She had zero support from the people who actually held the levers of power.

So going through with such a scheme would require a re-ordering of the Venezuelan political system and the crafting of a new one from scratch. That, in turn, would require a much deeper U.S. commitment—far deeper than Trump and most Americans are willing to tolerate.

Working within the system and giving Delcy Rodriguez a chance is frankly easier. And because Trump doesn’t really care about democracy to begin with, it was the best—or least worst—option available to him. This will make a lot of democracy proponents livid, of course.

For some reason, highly qualified people don’t understand this.

For most of the Western public, Machado was a complete unknown even up to the eve of her winning the Nobel award. Giving her the prize seemed politically manufactured in the first place as she was viewed by elites in Europe and the West as a prime 'option' for new Venezuelan president. 

This is a very sad sight to watch for so many reasons https://t.co/BzbWK8Toib

— MeidasTouch (@MeidasTouch) January 6, 2026

While Trump did decapitate the regime, some pundits are saying it should not be understood as full-on regime change, given the same governing system has remained in place. Trump has frequently cited the lessons of Iraq - and apparently is at least prudent enough to not attempt to place American officials directly over entire government ministries, as the US once did in the Middle East. Regardless, there is still a lot of blowback which likely awaits just around the corner.

Via The Cradle

The Iranian military warned on 7 Wednesday that Tehran could potentially launch a pre-emptive attack on Israel in response to the escalatory rhetoric recently from both Tel Aviv and Washington. "Iran views the escalation of hostile rhetoric against the Iranian nation as a threat and will not leave its continuation unanswered," said the Iranian army’s Commander in Chief Amir Hatami.

"Any act of aggression against Iran will have far-reaching consequences …  Iran will act with full force to defend the its independence, territorial integrity, and political system," he added. "The readiness of Iran’s armed forces today is far higher than before the [12-day] war. Any enemy miscalculation would be met with a more decisive response," he went on to say, warning that “the hands of any aggressor would be cut off." The military chief’s statement followed violent and escalatory rhetoric from US Senator Lindsey Graham on Tuesday.

Graham told Fox News that US President Donald Trump will assassinate Iran’s Supreme Leader Ali Khamenei if Iranian authorities continue 'suppressing protests.'

"Donald Trump is not Barack Obama; he is not turning his back on the people of Iran … To the Ayatollah and his thugs, if you keep killing your people in defiance of President Trump, you’re gonna wake up dead … Iran is on the verge of falling," Graham said. "Help is on the way," he added.

The interview came hours after Iran’s Supreme National Defense Council issued a warning also signaling potential pre-emptive action in response to growing threats.

"Within the framework of legitimate self-defense, the Islamic Republic of Iran does not confine its response merely to reactive measures, and considers clear indications of threat to be part of the broader security equation," the council said. 

"The intensification of threatening rhetoric and intervention – going beyond verbal positioning – can be understood as hostile conduct. Any path that continues in this direction will be met with an appropriate, firm, and decisive response, and full responsibility for the consequences will lie with the architects of this course," it added.

The new threat coincides with protests that erupted across several cities and provinces in Iran nearly two weeks ago due to a collapse in currency and difficult living conditions resulting from years of harsh US sanctions. Many of the protests have turned violent, with armed rioters attacking security forces repeatedly in recent days.

Over a dozen people have been killed, including police and security members. Counterprotests are also taking place, and thousands of Iranians have taken to the streets to reject violence against security forces and call for peaceful expression.

Since the protests began, Trump has repeatedly threatened to attack the Islamic Republic. "We’re watching it very closely. If they start killing people like they have in the past, I think they’re going to get hit very hard by the US," Trump said recently, after vowing days earlier that Washington will "rescue" Iranian protesters.

The Mossad also publicly urged Iranians to go out in the streets, saying, "we are with you." According to a report by Israel’s Channel 12, Tel Aviv is preparing for the possibility of a "sudden" conflict with Iran.

Senator Graham:

To the Ayatollahs: you need to understand—if you keep killing your people who are demanding a better life—Donald J. Trump is going to kill you.

Change is coming to Iran. It'll be the biggest change in the history of the Mideast to get rid of this Nazi regime.… pic.twitter.com/DuS55xpHFz

— Clash Report (@clashreport) January 7, 2026

Israeli Prime Minister Benjamin Netanyahu visited the US recently and discussed potential new strikes on the Islamic Republic with Trump. During a press conference last week, the US president said he would potentially support a new Israeli attack.

Iran has ruled out any new nuclear talks with Washington until it drops its demands for a curb on the Iranian missile program and an end to uranium enrichment. Reports from the past few months have said the Islamic Republic is working to build up and enhance its stockpile of ballistic missiles, which caused extensive damage across Israel and hit multiple key military sites during the 12-day war in June.

Washington’s bipartisan dealmakers are inching toward reviving lapsed Obamacare subsidies - but this time with tighter strings attached.

A cross-party group of roughly a dozen senators is close to finalizing an agreement that would restore enhanced Affordable Care Act tax credits that expired Jan. 1, according to negotiators familiar with the talks. Draft legislative text could be released as early as Monday.

“We could realistically be there, probably Monday,” said Sen. Bernie Moreno (R-ME), a key Republican negotiator, speaking Wednesday.

The developing deal would extend the subsidies for two years, while imposing new restrictions designed to limit eligibility and curb abuses. Among the changes under discussion: income caps that would cut off subsidies for households earning more than roughly 700% of the federal poverty level, and a new requirement that enrollees pay at least $5 per month toward their premiums.

Senators are also weighing tougher enforcement against insurers accused of enrolling people in subsidized coverage without their knowledge. Under the proposal, insurance companies that add so-called “phantom enrollees” could face steep new fines.

Sen. Susan Collins (R-ME) said she was “encouraged” by the group’s progress and agreed that a deal appears close. Two people granted anonymity to discuss the private negotiations likewise described the talks as nearing a conclusion.

The package wouldn’t stop at subsidies. Negotiators are also discussing new cost-sharing reduction measures and expanded access to health savings accounts. According to Moreno, Americans receiving Obamacare subsidies would have the option in the second year of the extension to divert that money into a pre-funded health savings account instead.

Still, the path to passage remains uncertain.

Even if the Senate group locks in an agreement, there’s no guarantee it can muster the votes to get the bill through Congress. Lawmakers have been keeping party leadership informed and are scheduled to brief House members on the proposal later this week.

Not everyone involved is convinced the finish line is near.

Sen. Dick Durbin (D-IL) cautioned that there are “still some major stumbling blocks” left to resolve.

One unresolved flashpoint is abortion. Moreno declined to say how negotiators would address concerns that the tax credits could indirectly subsidize abortion coverage. He insisted the framework, as described, would not alter existing policy and said abortion remains a “peripheral” issue in the talks.

“We’re trying to resolve how we ensure compliance with the spirit” of the Hyde Amendment, Moreno said, referring to the long-standing restriction barring taxpayer funding for abortions.

For now, senators are racing the calendar — and their own internal divisions — to see whether a bipartisan Obamacare revival can survive its latest rewrite.

President Trump says that Russia and China "have zero fear of NATO" without the US being in the alliance, in a Wednesday Truth Social post, which comes not only as the White House says it intends to acquire Greenland - which has set up a diplomatic fight with European NATO allies - but also soon on the heels of the ultra controversial US military ouster of Venezuela's Maduro.

Trump in the post expressed doubt that "NATO would be there for us if we really needed them" and simultaneously touted that "We will always be there for NATO, even if they won’t be there for us."

He focused his explanation on Ukraine, saying that "Without my involvement, Russia would have ALL OF UKRAINE right now" - in reference to the nearly four year long Russian-Ukraine war, which has a definite and deep NATO vs. Moscow proxy war element to it.

He continued: "Everyone is lucky that I rebuilt our military in my first term, and continue to do so."

Trump's main sentiment actually echoes the words of his top advisory official Stephen Miller, who the day prior was discussing that no one gave fellow NATO-member Denmark the 'right' to control Greenland.

Miller had expressed: "The US is the power of Nato. For the US to secure the Arctic region to protect and defend Nato and Nato interests, obviously Greenland should be part of the US. And so that’s a conversation that we’re going to have as a country. That’s a process we’re going to have as a community of nations."

Despite the somewhat absurd diplomatic circus surrounding the lingering Greenland question, which has of course remained highly entertaining, both Trump and Miller actually have an indisputable point on America's role in the Western military alliance.

If Washington were to ever pull out of NATO, the military alliance would simply become one only on paper - akin to a mere 'EU Army'. Indeed Russia and China would not at all 'fear' NATO - and maybe they don't fear it too much already (though there's probably some significant fear and anxiety in dealing with a United States under highly unpredictable Donald Trump).

The quiet part in all this - and not often enough discussed - is that NATO has left a legacy of ashes and destruction in many places it has intervened over several decades - from Belgrade (in 1999) to the regime change war against Libya's Gaddafi, and involvement in the Afghan forever war. For example, NATO still touts its 'successful' so-called 'responsibility to protect' mission in Libya, but now Libya is divided into at least three rival power centers, and there may yet be new civil war on the horizon. Another result was that ISIS popped up there, where it wasn't before.

NYC Mayor Zohran Mamdani's newly installed tenant advocate, Cea Weaver - a limousine liberal (socialist), popped out of her apartment in Crown Heights, Brooklyn Wednesday (a historically black neighborhood until people like Weaver priced out longtime residents) - only to start crying and run back inside when reporters asked her about her mother's $1.6 million home in Nashville, Tennessee. 

Weaver came under fire on Monday after resurfaced tweets on her now-deleted X account called for the government to "seize private property," and called home ownership a "weapon of white supremacy."

In December, she pushed to "Elect more communists" while a street in Harlem was being renamed after former communist Rep. Vito Marchantonio of Manhattan. 

And in May of 2020 she slammed law enforcement following the death of George Floyd, writing "The Police Are Just People The State Sanctions To Murder W[ith] Immunity." 

The 37-year-old weaver began running down the street after seeing a Daily Mail reporter outside her home, only to say "no" when asked if she wanted to comment on her professor mother Celia Appleton's ownership of the pricey property in Nashville. 

Weaver - apparently walking towards a nearby subway station - reversed course and ran inside her home, which has a 'Free Palestine' poster taped to one of its windows, the Mail reports. 

In a press conference on Tuesday, New York City Mayor Zohran Mamdani said he stood by Weaver, but his team is understood to have been caught by surprise by her anti-white tweets.

Weaver deleted her X account after her old posts were unearthed by anti-woke campaigner Michelle Tandler.  

She attempted to distance herself from them yesterday in a statement that said: 'Regretful comments from years ago do not change what has always been clear -  my commitment to making housing affordable and equitable for New York’s renters.' -Daily Mail

Yes, we're sure she's totally changed her mind...

Update (1640ET):

Gov. Tim Walz activated Minnesota's Emergency Operations Center within hours of an ICE-involved shooting in south Minneapolis, as concerns grow that a coalition of left-wing activist groups could mobilize in the streets, evoking familiar and uneasy parallels to the unrest that followed the death of George Floyd.

"To Minnesotans, know that our administration is going to stop at nothing to seek accountability and justice," Walz told reporters at a press conference in the late afternoon hours.

He added, "We have soldiers in training and prepared to be deployed if necessary."

BREAKING: Minnesota Governor Tim Walz issues a warning order to prepare the Minnesota National Guard following the ICE shooting in Minneapolis.

"To Minnesotans, know that our administration is going to stop at nothing to seek accountability and justice."

"We have soldiers in… pic.twitter.com/cWAqagzdQq

— Collin Rugg (@CollinRugg) January 7, 2026

Walz's meeting with public safety officials and his comments to the press come shortly after citizen journalist Andy Ngo warned that far-left extremists could soon begin mobilizing.

"Far-left extremists in Minnesota have announced a vigil for their comrade who was shot dead after accelerating an SUV toward an ICE agent in Minneapolis. They're claiming the woman was a peaceful "legal observer." Video showed the car block DHS agents on the road before the driver accelerated at an agent," Ngo wrote on X.

Far-left extremists in Minnesota have announced a vigil for their comrade who was shot dead after accelerating an SUV toward an ICE agent in Minneapolis. They’re claiming the woman was a peaceful “legal observer.” Video showed the car block DHS agents on the road before the… pic.twitter.com/c7Dx9c6naw

— Andy Ngo (@MrAndyNgo) January 7, 2026

Ngo posted a flyer about a vigil service that the left-wing nonprofit Minnesota Immigrant Rights Action Committee (MIRAC) is expected to hold tonight at 1700 local time.

"EMERGENCY VIGIL IN RESPONSE TO ICE SHOOTING ICE shot and killed an observer today in Minneapolis. Say her name! We witnessed an atrocious attack on our community today. Community members were taken from us and an observer was shot dead. ICE OUT OF MINNESOTA NOW!" MIRAC's flyer read.

MIRAC is a left-wing grassroots immigrant-rights activist network based in Minnesota that focuses on direct action, protest organizing, and resistance to immigration enforcement rather than traditional policy advocacy.

Meet the warriors:

Their core activities include:

• Anti-ICE protests and rapid-response actions during enforcement operations

• Courthouse and street blockades aimed at preventing arrests or removals

• Public shaming and disruption campaigns targeting law enforcement, politicians, and institutions

• Coalition actions with other left-wing activist groups in Minneapolis–St. Paul

MIRAC's organization structure:

Earlier...

Protest/riot threats in the Minneapolis area are elevated for this evening.

 *   *   * 

A federal immigration officer shot and killed a person whom Homeland Security described as a "violent rioter," while local Democratic lawmakers said she was a "legal observer," after DHS said she attempted to run over an agent. The incident comes as ICE officers in Minneapolis conduct targeted operations to deport criminal illegal aliens, and Democrats ramp up rhetoric and pressure campaigns on the ground against these agents.

DHS Assistant Secretary Tricia McLaughlin described the incident in an X post in the early afternoon:

Today, ICE officers in Minneapolis were conducting targeted operations when rioters began blocking  ICE officers and one of these violent rioters weaponized her vehicle, attempting to run over our law enforcement officers in an attempt to kill them—an act of domestic terrorism.

An ICE officer, fearing for his life, the lives of his fellow law enforcement and the safety of the public, fired defensive shots.

He used his training and saved his own life and that of his fellow officers.

The alleged perpetrator was hit and is deceased. The ICE officers who were hurt are expected to make full recoveries.

This is the direct consequence of constant attacks and demonization of our officers by sanctuary politicians who fuel and encourage rampant assaults on our law enforcement. These men and women who are simply enforcing the law on the books are facing 1,300% increase in assaults against them and an 8,000% increase in death threats.

This is an evolving situation, and we will give the public more information as soon as it becomes available.

Today, ICE officers in Minneapolis were conducting targeted operations when rioters began blocking ICE officers and one of these violent rioters weaponized her vehicle, attempting to run over our law enforcement officers in an attempt to kill them—an act of domestic terrorism.…

— Tricia McLaughlin (@TriciaOhio) January 7, 2026

Video of the deadly shooting has surfaced on X, showing an ICE agent asking the woman, who was blocking the street with an SUV, to step out of the vehicle. She did not comply and instead accelerated toward another agent, at which point the agent fired multiple rounds into the vehicle, striking the woman, who died moments later.

X has disabled the embed. View here. 

New angle: 

?? BREAKING: New angle from the ICE involved shooting in Minneapolis shows the woman CLEARLY hitting the agent with her car before he fires at her

A vehicle is a deadly weapon. And she used that deadly weapon against an agent.

Self-defense. pic.twitter.com/kw3SbBzSrP

— Nick Sortor (@nicksortor) January 7, 2026

The office of Senator Tina Smith, a Democrat of Minnesota, and Representative Ilhan Omar, another Democrat whose congressional district includes the scene of the shooting, said the woman was a "legal observer."

Gov. Tim Walz's office said the shooting occurred in a residential neighborhood in South Minneapolis. He asked people in the community to remain calm.

The New York Times noted, "Hundreds of people gathered at the scene in protest of the presence of immigration agents. The shooting took place in a middle-class residential neighborhood in Minneapolis, about a mile from where George Floyd was killed by police in 2020."

Protest/riot risks are rising. 

"DHS correctly identifies the causal link between Democrat rhetoric and domestic terrorism. These politicians painted targets on federal agents, and a violent extremist acted on their orders. The officer responded with the only currency the mob respects. Force. When you attempt to murder the enforcers of our sovereignty, you invite your own destruction. The blood is on the hands of every sanctuary city official who encouraged this insurrection. We stand with ICE and the rule of law," X user Saggezza Eterna said.

*Developing...

Update (1014ET):

"Donroe Doctrine" to clean up the Western Hemisphere was busy Wednesday morning, with the seizure of the Russian-flagged oil tanker Marinera (formerly Bella 1) in the North Atlantic, followed by U.S. forces seizing a stateless dark-fleet tanker in the Caribbean region.

The seizure of Marinera is the headliner this morning, given that Russian warships and a submarine are nearby, raising the risk that the situation could spiral out of control after Moscow warned the Trump administration in recent days to back off the tanker.

Within the last hour, U.S. Southern Command (SOUTHCOM) wrote on X that U.S. forces "apprehended a stateless, sanctioned dark-fleet motor tanker without incident." SOUTHCOM said, "The interdicted vessel, M/T Sophia, was operating in international waters and conducting illicit activities in the Caribbean Sea. The U.S. Coast Guard is escorting M/T Sophia to the U.S. for final disposition."

SOUTHCOM concluded the post by signaling the Donroe Doctrine: "Through Operation Southern Spear, the Department of War is unwavering in its mission to crush illicit activity in the Western Hemisphere. We will defend our Homeland and restore security and strength across the Americas."

In a pre-dawn action this morning, the Department of War, in coordination with the Department of Homeland Security, apprehended a stateless, sanctioned dark fleet motor tanker without incident.

The interdicted vessel, M/T Sophia, was operating in international waters and… pic.twitter.com/JQm9gHprPk

— U.S. Southern Command (@Southcom) January 7, 2026

Welcome to the era of the Donroe Doctrine.

*   *   * 

Update (0920ET):

U.S. European Command (EUCOM) confirmed on X that the Department of Justice and the Department of Homeland Security, in coordination with the Department of Defense, seized the Russian-flagged oil tanker Marinera (formerly Bella 1) for violating U.S. sanctions.

"The vessel was seized in the North Atlantic pursuant to a warrant issued by a U.S. federal court after being tracked by the USCGC Munro," EUCOM said.

The @TheJusticeDept & @DHSgov, in coordination with the @DeptofWar today announced the seizure of
the M/V Bella 1 for violations of U.S. sanctions. The vessel was seized in the North Atlantic pursuant to a warrant issued by a U.S. federal court after being tracked by USCGC Munro. pic.twitter.com/bm5KcCK30X

— U.S. European Command (@US_EUCOM) January 7, 2026

EUCOM continued...

pic.twitter.com/E0hii3A6Zo

— U.S. European Command (@US_EUCOM) January 7, 2026

Read the earlier updates: Russian warships and submarines are nearby.

*   *   * 

Update (0855ET):

NBC News reports that the U.S. Special Forces operation in the North Atlantic to seize a Russian-flagged oil tanker, the Marinera (formerly Bella 1), was successful.

U.S. officials told the outlet that the Marinera "has been secured" following a dramatic, weeks-long chase on the high seas.

The U.S. seized two oil tankers off the coast of Venezuela last month as part of President Trump's gunboat diplomacy. But why would a U.S. Coast Guard cutter and surveillance planes chase an empty, rusted, Russian-flagged tanker across the Atlantic unless there was potentially something far more valuable on board?

*   *   * 

Update (0814ET):

The Russian outlet RT News has posted footage that appears to show U.S. military forces attempting to board the Russian-flagged tanker Marinera early Wednesday morning in the North Atlantic.

?? Military forces, presumably American, are attempting to board Russian-flagged civilian tanker 'Marinera' RIGHT NOW — RT source

RT has obtained first exclusive visual confirmation of the boarding attempt https://t.co/lWf62lN7hH pic.twitter.com/rn9xfLmNxi

— RT (@RT_com) January 7, 2026

Reuters reports that the U.S. is "attempting" to seize the Venezuela-linked oil tanker after a two-week chase involving a U.S. Coast Guard vessel and surveillance aircraft.

From like an hour ago or more, as the Americans got into position to attempt boarding.

A massive swarm of RAF jets were patrolling around the north sea, potentially shadowing the Russian Naval fleet on route to escort it. pic.twitter.com/DxxioNbLw6

— Lee Mitchell (@Lee_Mitchell91) January 7, 2026

More color on the operation from the outlet:

The officials, who were speaking on condition of anonymity, said the operation is being carried out by the Coast Guard and the U.S. military.

They added that Russian military vessels, including a submarine, were in the general vicinity when the operation took place.

Marinera made an abrupt heading change as the US MH-6 Little Bird, the 160th SOAR's smallest helicopter, approached the vessel. 

MARINERA (9230880) just made a sudden southbound turn at 11:26 UTC at 60.9386, -16.37014. Decelerated from 9kn to 8kn speed. pic.twitter.com/dH8BnpF6r5

— TankerTrackers.com, Inc. (@TankerTrackers) January 7, 2026

This is what the "Donroe" doctrine to clean up the Western Hemisphere looks like. However, certainly appears that conflict fears are on the rise ... 

*   *   * 

In what can only be described as straight out of a Cold War techno-thriller, The Hunt for Red October vibes, the U.S. Coast Guard is chasing a rusting oil tanker formerly known as Bella 1, now renamed Marinera, flying the Russian flag about 300 miles south of Iceland as it heads toward the North Sea.

On Tuesday, Russian outlet RT News posted an exclusive video on X showing Marinera being chased by a U.S. Coast Guard cutter in the North Atlantic.

BREAKING WORLD EXCLUSIVE: RT obtains FIRST footage of Russian-flagged civilian Marinera tanker being CHASED by US Coast Guard warship in the North Atlantic https://t.co/sNbqJkm5O5 pic.twitter.com/XtbBML3a6j

— RT (@RT_com) January 6, 2026

The Wall Street Journal then reported overnight that Russia is countering the Trump administration's attempt to seize Marinera by deploying a submarine and other warships to escort the allegedly now-empty tanker.

The chase in the North Atlantic follows last month's incident near Venezuelan waters, when the tanker - then stateless and flying a false flag - was subject to a U.S. judicial seizure order. As the Coast Guard attempted to board, the crew switched the ship's registration to Russia, prompting Moscow to demand that the U.S. halt its pursuit.

Trump's gunboat diplomacy in the Caribbean, along with a broader push for Western Hemisphere defense - what some have called the "Don-roe Doctrine" - has set the tone for the year: U.S. forces intend to control the seas in the Americas, not China and not Russia.

One key question is why Washington is hyper-focused on this particular tanker, given that the global dark fleet numbers more than 1,000 tankers hauling sanctioned crude worldwide. The ship's quick registration in Russia, without inspection or formalities, may only suggest that the tanker, which departed Venezuelan waters, could be carrying other cargo bound for Russia.

Authored by André Beganski via decrypt.co,

In brief

• Tether introduced the term Scudo on Tuesday to represent 1/1,000th of a troy ounce of gold.
• The stablecoin issuer thinks the term could bolster gold’s use in payments.
• Tether issues a gold-backed token, XAUT, and holds nearly $17 billion worth of gold.

Tether moved to establish a new unit of account for gold on Tuesday, as the stablecoin industry leader argued that transactions denominated in “Scudo” could simplify the precious metal’s use in everyday payments.

Under the stablecoin issuer’s definition, one Scudo would equate to one-thousandth of a troy ounce of gold—as well as its XAUT token, which is valued at $2.3 billion, according to CoinGecko. The token’s market cap has nearly quadrupled over the past year.

In a blog post, Tether acknowledged that demand for gold has been bolstered worldwide by “persistent inflation concerns, heightened interest-rate uncertainty, record central bank purchases, and growing demand for safe-haven assets.”

Although a lion’s share of the firm’s products are pegged to the U.S. dollar, it described those factors as an “opportunity to restore gold” to its former status: a universally accepted medium of exchange that can’t be devalued by a government’s ability to print money. The company added that its wallet developer kit can help support XAUT on virtually any device.

Tether noted that “satoshi” is already used in a similar way to Scudo, as a way to refer to the smallest unit of Bitcoin, or one hundred-millionth of a Bitcoin. One satoshi is currently worth around $0.001, while one Scudo would be worth roughly $4.48.

Tether’s term dates back to the 16th century, more than 400 years before the first version of the internet was developed. Scudo was used to describe a variety of coins in Italy, likely hammered from metal blanks. The term was derived from the Latin word for shield.

Introducing Scudo.
A new way to measure the value of gold on-chain. Scudo is a simple, intuitive unit that makes Tether Gold ( XAU?) easier to use, track, and transact.

1 Scudo = 1/1000 of an XAU? (Gold Ounce), giving you a practical and accessible way to send and receive gold… pic.twitter.com/JLbhuUYTk2

— Tether Gold (@tethergold) January 6, 2026

The parallel with Tether’s logo may be coincidental, but CEO Paolo Ardoino and CFO Giancarlo Devasini were both born in Italy. Last year, Tether acquired a minority stake in football club Juventus, one of Italy's most storied soccer clubs. An all-cash offer to buy a majority stake in the team was rejected last month.

Tether said that its introduction of Scudo does not change the fact that gold backing its XAUT tokens is “held in secure vaults.” If an individual would like to redeem their tokens, the company’s website says it can deliver gold bars to “any physical address in Switzerland.”

According to Tether’s website, XAUT is backed by 1,329 gold bars equivalent to 16.2 metric tons. The firm published its first attestation report from BDO Italia for the token last April, which did not comply with international financial reporting standards because it did not include primary disclosures and statements from the stablecoin issuer. Tether’s critics have called on the industry’s leading stablecoin issuer to receive independent audits for a decade.

In April, Ardoino said on X that XAUT was “gaining important traction in emerging markets.”

Tether also offers a token called Alloy, which it bills as a “Tethered Asset.” By pledging XAUT tokens, the company says customers can receive a lesser amount aUSDT tokens, which mirror the functionality of its $187 billion stablecoin and are also pegged to the U.S. Dollar.

A few months before Tether’s XAUT debuted, stablecoin issuer Paxos began offering PAXG, the first digital asset that could be redeemed for gold. That token’s market cap stood at $1.7 billion on Tuesday, while tripling over the past year, according to CoinGecko.

Paxos, which also issues PayPal’s PYUSD stablecoin, said PAXG would become “the only institutional-grade gold token issued under federal regulatory oversight,” following the Office of the Comptroller of the Currency’s approval of a national banking charter last month.

Tether’s XAUT may be worth $2.3 billion, but the stablecoin issuer says it owns much more gold than that. The firm said it held 116 tonnes of gold as of the end of Q3 2025, with that tally valued at nearly $17 billion as of Tuesday.