Two Texas lawmakers have proposed bills for a state-backed digital currency in Texas, which would be backed by gold. Senate Bill 2334 and House Bill 4903, introduced by Senator Bryan Hughes and Representative Mark Dorazio, respectively, state that each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust. The bills explain that the comptroller would use the money received from the purchaser to buy an equivalent amount of gold, with the purchaser receiving digital currency equal to the amount of gold the comptroller purchases.
The trustee would be required to maintain enough gold to redeem all units of the digital currency that have been issued and are not yet redeemed. The bills have yet to be passed, but they are expected to take effect from September 1, 2023.