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Texas just made history by giving people a new way to pay, one that doesn’t rely on dollars or banks.
Thanks to House Bill 1056, Texans will soon be able to deposit gold or silver into the state’s Bullion Depository and use a debit-style card to spend it. The idea is simple: let people use money that holds real value. No printing. No inflation. Just gold, silver, and a little modern tech.
Governor Greg Abbott (R) signed the bill after it passed both chambers of the Legislature earlier this year. Supporters say it’s a long-overdue return to sound money. Critics, including the banking lobby, tried to stop it. But in the end, lawmakers sided with the idea that Texans should have more financial options, especially in a world that’s feeling more unstable by the day.
What is House Bill 1056 (HB 1056)?
At its core, HB 1056 says this: Gold and silver can now be used as legal tender in Texas.
HB 1056, authored by State Rep. Mark Dorazio (R-San Antonio), defines “specie” as certain forms of bullion stamped with their weight and purity. It doesn’t have to be minted by the government, but it can’t look like official U.S. currency either. And no one is required to accept it. Businesses and individuals can choose whether they want to use it, just like they choose whether to accept cryptocurrency or checks.
But the real innovation in the bill is what it asks the Texas Comptroller to do. Under HB 1056, the state will build a digital payments platform that lets people store their precious metals and spend them just like cash. The system will convert the value of gold or silver into dollars at the point of sale, using real-time market prices. Texans will be able to swipe or tap a card, or possibly use a mobile app, to buy groceries, fill up their gas tank, or shop online, while their account draws from their gold or silver holdings instead of a checking account.
The law gives the Comptroller the power to contract with vendors (preferably Texas-based ones) to build and run the system. It also requires safeguards for data security and sets rules for how transactions are priced and processed. Certain restrictions apply to prevent the system from being used by foreign adversaries. The legal tender recognition takes effect in May 2026, and the payment system is expected to launch that fall.
What This Means for Texans
For most people, the idea of spending gold might sound like a throwback to another era. But HB 1056 is anything but nostalgic. It’s a practical response to a growing concern: that our current financial system isn’t as stable as it used to be.
Supporters say the new system gives Texans a way to protect themselves from inflation, economic instability, and federal monetary policies that seem increasingly disconnected from reality. If you don’t trust the Federal Reserve or the long-term value of the dollar, this bill gives you a legal and functional way to opt out, without going off the grid.
In testimony supporting the bill, Chuck DeVore of the Texas Public Policy Foundation described it as part of a larger strategy to protect the state in case of disaster. He pointed to rising national debt, cyberattacks, and geopolitical conflict as reasons to build a backup plan. In his view, a currency backed by precious metals isn’t just a financial tool; it’s a form of civil defense.
He also argued that Texas is well-positioned to lead. The Texas Bullion Depository, created in 2015, already has the infrastructure to store large amounts of gold and silver. Adding a transactional system to it just makes sense.
From a practical standpoint, this also opens the door to innovation. The state will be working with private companies to build out the system. That could mean new jobs, new business opportunities, and even interest from people and investors outside of Texas who are looking for a more stable place to park their money.
Throughout the legislative process, several bankers pushed back. They warned that letting people move assets into gold might pull money out of traditional accounts. But DeVore and others countered that most Texans will still use their banks for everyday finances. The new system is more likely to serve as a supplement, not a replacement. And if banks are smart, they’ll find ways to participate in it, offering services that connect their customers to the new currency options instead of competing against them.
Conclusion: Sound Money, Sovereign Future
House Bill 1056 stands out as a rare example of a state using its constitutional authority to strengthen financial resilience and restore economic choice. It offers Texans a parallel system rooted in physical assets, one that can operate outside the vulnerabilities of the traditional banking sector. By transforming gold and silver into a functional, spendable medium of exchange, Texas is delivering more than symbolic reform. It is building an infrastructure of trust, transparency, and long-term value.
Chuck DeVore summarized the bill’s importance succinctly. He called it a constitutional triumph, a practical safeguard against financial threats, and an economic advantage for Texas. In his words, HB 1056 ensures that Texans can weather any storm, whether economic, geopolitical, or technological. With this law, Texas has chosen not just to preserve liberty, but to make it spendable.
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