None? Why? Because by far the best is to buy gold and store it at home. That way you have it and nothing can happen to that gold. This centralised gold backed tokens can be abandoned. Gold that is backed can be stolen. Owners of those tokens can bankrupt. Owners of those tokens can simply steal all gold and vanish.
Why would anyone risk all that if he can simply buy gold and store it?
Buying gold and storing it poses some risks too, from the obvious part that the gold can easier be stolen from you to the pure convenience. A GOLD based coin or token can be easier acquired, can be easier sold and you don't have to bother with the storage. And, instead of the actual gold, this goes anonymously and doesn't attract attention.
But indeed, you are correct, in the case of any stable coin you need to trust the issuer won't just go away with the money (in this case the actual gold).
For such an endeavor - make a business based on physically backed coin/token - there are 2 ways to earn money:
* sell the token to enough people and run with the money (and hide from the law afterwards)
* make it a clean business, earn from the fees and grow the business in time
The ones I advertise look good and seem to go as a clean business. They are
more than one year old already and the fact
the quantity of actual gold (stored in a 3rd party vault) can easily be checked gives (at least gives me) quite a lot of confidence they do the things right.
