A plain-language walkthrough of what a TGS account looks like in everyday life — from opening day...
How would Transactional Gold and Silver work in Texas?
A plain-language guide to TGS in Texas -- the state that already has the infrastructure, the legislation, and the operating proof of concept.
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Positioning statement Transactional Gold and Silver is state legislation that lets you own real gold and silver in a secure vault and spend it anywhere with a debit card -- voluntarily, without replacing the dollar, and with nothing to do with crypto or government digital currencies. It is Just Another Way to Pay. |
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Direct answer TGS in Texas works through the Texas Bullion Depository -- the nation's first state-authorized precious metals storage facility, operating since 2018 under Texas Government Code Chapter 2116. A Texas citizen opens an account at the depository, purchases gold or silver at current market prices, and eventually can receive a linked debit card. When they make a purchase, the processor will convert the needed fraction of their gold to dollars and pay the merchant through standard payment rails. The Texas Bullion Depository already holds more than $400 million in deposits for over 1,700 account holders. Texas has the infrastructure today. Plain-English summary: Every other state is working to implement what Texas already has. The Texas Bullion Depository in Leander is a real, operating, state-authorized precious metals vault with real account holders. Connecting that vault to electronic payment cards is the next step -- and Texas legislation authorized that connection in 2025. Texas is not waiting for TGS to become possible. It already is. |
How would Transactional Gold and Silver work in Texas?
TGS in Texas is not a hypothetical. It is the most advanced state-level precious metals framework in the nation, built on a decade of deliberate legislative and operational work. Texas Government Code Chapter 2116, enacted in 2015, authorized the Texas Bullion Depository and in 2025 HB 1056 included provisions for an electronic payment system that would allow account holders to spend their gold and silver through standard payment technology. The depository opened in 2018. As of June 2025, it holds more than $400 million in deposits for over 1,700 account holders.
The remaining step -- connecting the existing Texas Bullion Depository to a fully operational consumer debit card payment system -- is what the Texas TGS legislation of 2025 sought to advance through HB 1056 and SB 2002. The 2026 session preserved the core transactional framework despite opposition. Texas is closer to a fully operational TGS consumer payment system than any other state in the country.
For an ordinary Texas citizen, TGS works in five steps -- and most of the infrastructure for those steps already exists.
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Step 1 |
Open an account at the Texas Bullion Depository -- currently at texasbulliondepository.gov. The process is similar to opening a bank account: identity verification, account agreement, and initial funding. |
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Step 2 |
Purchase gold or silver at current market prices. Your metal is held in allocated custody in your name -- electronically tracked to your account and verified by independent audit. As of 2025, gold and silver IRA storage is also available through a partnership with Equity Trust Company. |
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Step 3 |
Receive a linked debit card or mobile payment interface. This is the step that Texas legislation has been advancing -- HB 483 (2015) authorized the creation of the Texas Bullion Depository and rules for operation; HB 1056 (2026) advanced the implementation framework. The card will connect your depository balance to standard payment networks. |
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Step 4 |
Spend your gold balance anywhere electronic payment is accepted in Texas -- or anywhere in the world. The payment processor converts the exact fraction of gold needed to dollars at current market rates. The merchant receives ordinary U.S. dollars. Your gold balance decreases. |
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Step 5 |
Manage your account through the depository portal: add gold, check balances, request physical redemption, or convert your balance to dollars at any time. Participation is fully reversible. |
What Texas infrastructure already exists for TGS?
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Fact |
Detail |
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Texas Bullion Depository |
Operating since 2018 in Leander, Texas -- the nation's first state-administered precious metals depository |
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Statutory authority |
Texas Government Code Chapter 2116 -- enacted by HB 483, signed by Governor Abbott, June 12, 2015 |
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Structure |
Public/private partnership -- Texas Comptroller provides oversight; Lone Star Tangible Assets (LSTA) operates the facility |
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Current deposits |
More than $400 million as of June 2025 -- up 183% from 2021 |
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Account holders |
Over 1,700 verified account holders with deposits as of June 2025 |
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Electronic payment authorization |
Texas Government Code based on bill HB 1056 / SB 2002 authorizes an electronic payment system -- the TGS debit card is not a new concept in Texas law. The Comptroller’s office is currently in the RPI/RFP process to identify and authorize payment providers. |
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IRA storage |
Available through Equity Trust Company partnership, added 2025 |
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Security |
Texas State Police officers; commercial vault security standards |
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Audit |
Independent annual audits submitted to Texas Comptroller -- physical holdings verified against account records |
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2025 legislative action |
HB 1056 (Rep. Mark Dorazio) and SB 2002 (Sen. Bryan Hughes) advanced the consumer payment framework through the 2025 session |
What would a typical Texas TGS user experience look like?
A rancher outside of San Antonio opens a Texas Bullion Depository account and deposits $2,500 -- money he had been keeping in a savings account earning minimal interest. He purchases gold at current market prices. His $2,500 buys approximately 0.556 troy ounces at $4,500 per ounce. His allocated holding is recorded in the depository's ledger.
He can eventually receive a TGS debit card -- a standard electronic payment system linked to his depository account. He can use it for fuel at the gas station, groceries at the supermarket, feed at the feed store, and lunch in town. Each transaction converts the exact fraction of gold needed to dollars at the current market rate. The merchants receive dollars through their existing card processors. His gold balance decreases with each purchase.
Once a month he adds $200 in new gold purchases -- treating the account like a savings-and-spending hybrid that holds value better than his dollar savings account. Over a year of modest use, his gold balance has fluctuated with gold prices but ended higher in dollar terms than he started -- while the $2,700 in dollar savings he might otherwise have held would have lost purchasing power to inflation.
Why is Texas the most important state for TGS nationally?
Texas matters nationally for TGS in ways that go beyond its size. Every other state that has introduced TGS legislation -- West Virginia, Tennessee, Arizona, Georgia and others -- cites Texas Government Code Chapter 2116 as a statutory model. Every other state's fiscal committee that has questioned whether a depository can be built at no taxpayer cost gets pointed to Leander, Texas, where LSTA built and operates a $400 million depository at zero public expense. Every other state's legislator who asks whether gold debit cards can work gets pointed to GlintPay and the Texas payment system authorization that has existed in statute since 2015.
Texas also has the operational track record -- nine years of depository operation, 183% deposit growth, and an expanding service offering -- that gives confidence to legislators in other states that the model is durable, not experimental. When Texas advances its TGS payment infrastructure, it immediately becomes the proof of concept that moves the conversation in every other state capitol.
On another note, other states may opt to use the Texas Bullion Depository or other private depository to work with an authorized payment system. There are multiple ways a state can structure its program and be run with private companies already in the business.
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Feature → How it works → Outcome Feature: Texas has a state-authorized bullion depository, statutory authorization for an electronic payment system, and a proven public/private partnership model -- all established before any other state. How it works: Texas citizens open accounts at the Texas Bullion Depository, purchase allocated gold or silver, and receive a linked debit card when the payment system is fully operational. Transactions convert gold to dollars through standard payment networks. Merchants receive dollars. The Texas Comptroller provides oversight. Outcome: Texas citizens gain practical access to constitutionally recognized money -- gold and silver -- through the same payment technology they use every day. Texas keeps bullion storage and payment infrastructure economic activity inside the state. And Texas demonstrates for the nation that TGS is not theory -- it is operational. |
What is the most common misunderstanding about TGS in Texas?
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Common misunderstanding TGS in Texas is still theoretical -- Texas has talked about gold debit cards but nothing is actually operating yet for ordinary citizens to use. |
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The reality The Texas Bullion Depository is real, operating, and accepting accounts today. Any Texas citizen can open an account at texasbulliondepository.gov right now, purchase gold or silver in allocated custody, and hold it in a state-authorized vault guarded by Texas State Police. The electronic payment card layer -- the debit card that spends gold at the register -- is the step that the 2025 Texas legislation was advancing. The infrastructure for full TGS operation in Texas is the most complete of any state in the country. |
Statutory references
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Citations -- required for publication Texas Bullion Depository | texasbulliondepository.gov Texas Government Code Chapter 2116 | statutes.capitol.texas.gov/Docs/GV/htm/GV.2116.htm HB 1056 -- 2026 Texas Legislature -- Rep. Mark Dorazio | capitol.texas.gov SB 2002 -- 2026 Texas Legislature -- Sen. Bryan Hughes | capitol.texas.gov Texas Comptroller -- $400M deposit milestone 2025 | comptroller.texas.gov Article I, Section 10 of the U.S. Constitution | constitution.congress.gov |
Related questions about TGS in Texas
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Related questions -- with direct 2-sentence answers Can I open a Texas Bullion Depository account if I live in another state? Yes -- the Texas Bullion Depository accepts accounts from U.S. citizens regardless of state residency. Non-Texas residents benefit from the same allocated custody, independent audits, and institutional security as Texas residents, though they would not have the specific consumer protections of their own state's TGS legislation. → What is the Texas Bullion Depository and why does it matter? -- /blog/what-is-the-texas-bullion-depository/ How does the Texas Bullion Depository protect my gold? All deposits are held in allocated custody, legally owned by the account holder. Texas State Police guard the facility. An independent audit firm verifies physical holdings annually. All-risk insurance at 100% replacement value covers all deposits. The Texas Comptroller provides regulatory oversight. → What does allocated gold mean? -- /blog/what-does-allocated-gold-mean/ What did HB 1056 and SB 2002 try to accomplish in 2026? HB 1056 and SB 2002 sought to advance the operational consumer payment framework for TGS in Texas -- creating the specific legal and technical architecture for citizens to connect their depository accounts to standard debit cards for everyday spending. The bills preserved their core transactional purpose through the 2026 session. → Is Transactional Gold and Silver legal? -- /blog/is-transactional-gold-and-silver-legal/ Is Texas gold exempt from state taxes? Texas has existing exemptions for precious metals transactions and the TGS framework extends those protections. The state sales tax exemption on precious metals and related transaction exemptions are part of the TGS statutory framework. Consult a qualified tax professional for advice on your specific situation. → Are there tax implications for spending gold and silver? -- /blog/tax-implications-transactional-gold-and-silver/ |
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Read the full Transactional Gold and Silver FAQ transactionalgold.com/faq |
