Here's the difference.
When you buy Tether, you don't own the dollar that backs it, the custodian does. In this case, when you buy the gold-backed coin, you are given legal ownership of the gold that back it.
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I agree it's definitely better than any of the fiat backed stable coins, just still has the custodian risk.
Have you heard of Quintric? It's a similar project, was wondering if you had any thoughts on it. I think I might like Kinesis better though since it's Stellar based and seems to be further along development wise than Quintric.
I have not, but I'll definitely look into it.
But where is the real gold then, in a bank? How do I get my hands on it, if I really need it?