Tether introduced 'Scudo,' a new unit of account representing one-thousandth of a troy ounce of gold, to facilitate everyday gold payments using its XAUT token. The company highlighted increasing demand for gold due to inflation concerns and aims to restore gold’s role as a widely accepted medium of exchange. Tether's gold-backed token market cap has grown significantly alongside an expanding portfolio, while competitors like Paxos also develop gold-backed stablecoins under regulatory oversight.