Goldcoin?

With attempts by governments to "regulate" fiat-backed stablecoins, it's probably the right time for a clone of DAI that is backed by gold instead of fiat.

Gold is a tangible and physical asset (unlike the dollars in Circle's bank accounts that could be seized/deleted at any time), which makes it easier to build a decentralized stablecoin system backed by it.

The ethereal nature of the dollar - it's just numbers in a database run by a centralized authority - is the most underrated obstacle to building a stablecoin that stays true to crypto principles. To hold dollars in any meaningful amount it is necessary to partner with old-school backs, who have been "regulated" so much they're basically quasi-nationalized.

Since gold is relatively permissionless (worse than BTC or ETH, better than fiat), even small-scale gold holders can issue stablecoins with market caps in the low millions. Moreover, this can be done in absolutely any national jurisdiction, unlike dollar-backed stablecoins that require US or US-friendly financial jurisdictions.

Just like MakerDAO, JewelerDAO/<insert name> will evaluate the reliability of different stablecoin issuers and create an index of the best ones, along with all the other monetary policy functions.

(In theory, this can be done with any commodity, but since gold has the highest economic value per unit volume it is the easiest to do on a small-scale by far, which is good for decentralization. Also, there are so many firms around the world that are competent at being custodians of gold, which can't be said for most other commodities)