Iran and Russia to issue a new stablecoin backed by gold

So the real question becomes --- do you trust Iran and Russia?

Just like with crypto --- how do you verify the backing?

Why not just buy gold backed securities? Or do 2 international pariah states just want a way to evade sanctions. Seems like this is the only problem Dr BitCoin's Elixir ever solves.

Aren’t these the same guys who came up with the idea of stabilizing the ruble by forcing gold miners to sell at a discount?

I'd likely use it, in preference to savings in any Fiat currency.

Of course, the magic of any crypto "Stable Coin" is in the redemption... How can anyone (outside Russia or Iran) convert their holdings into physical Gold?

What could possibly go wrong?