The only thing that could even remotely redeem Serea right now on The Handmaid’s Tale is for treason and coconuts to come to fruition. In case you forgot, it was the phrase used to describe what the American, Tuello, offered Serena if she defected from Gilead back in Season 2. Now, she and Fred are on a mission to Canada, but this theory about Serena’s plan on The Handmaid’s Tale shows where her loyalties really are.
Treason and coconuts was mentioned again when Serena went on her solo trip to Canada this season and she left the country with a satellite phone from Tuello that she didn't immediately show anyone. At the end of Episode 10, it seemed like Serena wanted to use the phone with Fred to their advantage, but she might have other plans for Fred that don't involve remaining loyal to him or Gilead at all.
According to the theory one fan, qlossxier, posted on Reddit, Serena already used the phone and hatched a plan with Tuello to bargain Fred for access to Baby Nichole. The Redditor theorized that Serena made a plan with Tuello over the satellite phone to hand over Fred as soon as they reached Canada in exchange for her safety and stay in Canada with Nichole. "She could’ve promised sensitive intel and propaganda as well," qlossxier wrote. "It just doesn’t seem to make sense at this point, how Serena sees the horrors that Gilead [does] to women and still insists on bringing her back here."
They also pointed out that Serena probably doesn't love Fred anymore and her concerns are with Nichole, who she believes to be her daughter, rather than with Fred, who has used the baby to further his political career. Since Serena and Fred entered Gilead’s high society in D.C., Serena has towed the line and been the wife Fred expected her to be. She didn’t bring up his shortcomings and she seemed to have forgiven him for having her pinky amputated.
But if the Redditor’s theory proves true, it makes a lot of sense. Serena could have reached her breaking point and realized how purposely slowly the wheels were turning to bring Nichole home. She told Fred at the end of Episode 10 they had waited long enough to bring her home. It was then that Serena revealed the satellite phone. But instead of using it to bargain with Canada, Serena might have already used it to secure her own safety and Fred’s ultimate demise.
Serena has gone back and forth with her loyalties over the past three seasons. Just when you thought she could be part of the revolution, she reined in her kindness and put out her cold front once again. There were times when she worked with June and it seemed like she could redeem herself, if only slightly. Then, being part of D.C.’s society of higher ups seemed to be a turning point for Serena and Fred together.
Still, Serena’s need to bring Nichole home to her has been at the center of it all. Now that she realized Fred hadn’t been making strides when he could have, she might feel like it’s time to take matters into her own hands. That’s where Tuello and the phone come in.
The scene with Fred and Serena at the end of Episode 10 made it seem like they had a plan to use Tuello to their advantage, but I agree with the theory which suggests it was more of a red herring than anything. Serena has been a Handmaid’s Tale villain in more ways than one, but so has Fred. And I believe it’s time at least one of the show’s bad guys paid for his sins.