Relating to the issuance of gold and silver specie and the establishment of a digital currency based on gold and silver; authorizing a fee.

SB 665 authorizes the State of Texas to issue physical gold and silver coins (specie) and a digital currency backed by gold and silver held in a state depository. It creates a "pooled depository account" in the Texas Bullion Depository to securely hold the physical assets backing the digital currency, requiring the state to maintain enough reserves to redeem all issued digital units. Individuals can obtain the digital currency by either paying the comptroller (with a fee) to purchase gold/silver for the depository or by designating existing gold/silver in a Texas Bullion Depository account. The digital currency can be used as legal tender for debts and transferred electronically, while physical specie can be used as legal tender and transferred between individuals.