Yeah, there are others who have tried this before but didn't quite take off I don't think.
RM has a millennium long foundation and recognition to launch this from, so it could actually work.

Part of me still thinks it's only milking a fad to repackage their already existing vaulting service, but it could set a very powerful precedent to others to start solidly backed crypto.

I think the key to this being more than a glorified vaulting service with a fad methodology is its application across partners who are willing to accept the transfer of RMG as payment for real world things.

When you Paypal someone, you send them a digital IOU that grants them access to a fraction of the fiat the banks claim they're holding for you. If we can send RMG, we're sending access to a fraction of your gold. So cool.