Question about Tether Gold, Peter Schiff, Gold-Backed Crypto

Peter Schiff has expressed enthusiasm for the concept of gold-backed crypto. But such products already exist: for example Tether Gold. Schiff has not acknowledged them, which suggests that there is something unsatisfactory about them. Can someone explain to me the flaw, as Peter Schiff would see it, in Tether Gold?

I know that commodity-backed crypto is somewhat antithetical to both the cryptocurrency philosophy and the stacker philosophy so I’m not looking for comments along those lines. I just want a better understanding of what Peter Schiff might want from a gold-backed crypto, and why Tether Gold does not do.