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Texas Declares Gold and Silver Legal Tender Starting 2027
In a bold legislative move, Texas will officially recognize gold and silver as legal tender for day-to-day transactions beginning May 1, 2027, following the signing of House Bill 1056 by Governor Greg Abbott.
Precious Metals Return to the Marketplace
Governor Abbott announced on X (formerly Twitter) that he had signed HB 1056 into law, which amends the Texas Government Code to include gold and silver as recognized legal tender, with their transactional value to be set by the state comptroller at the time of exchange.
“No state shall make any thing but gold and silver coin a tender in payment of debts.”
— U.S. Constitution, Article I, Section 10, cited by Governor Abbott.
Importantly, the new law does not eliminate or prohibit the use of Federal Reserve notes or U.S. dollars, nor does it require individuals or businesses to accept gold or silver for payments or deposits.
Digital Gold, Bitcoin, and Broader Monetary Shifts
The passage of HB 1056 was part of a larger package of financial reforms in Texas. On the same day, Abbott also signed legislation approving the creation of a strategic Bitcoin (BTC) reserve for the state, further positioning Texas at the forefront of alternative currency policy in the United States.
The move comes as several Republican-led efforts in the state push for monetary diversification, from physical precious metals to digital assets like cryptocurrency and potentially even gold-backed digital currencies.
Public Skepticism and Practical Hurdles Remain
While some Texans support the return of gold and silver to daily commerce, others have expressed concern about the practicality and authenticity of such transactions.
“How is the retailer going to protect themselves and ensure the gold or silver coin is authentic and not counterfeit?” — Reddit user “the_shootist” in response to a similar 2015 proposal
Questions remain around retail compliance, valuation mechanisms, and the logistics of physical asset verification in modern commerce.
Legal and Historical Context
The United States abandoned the gold standard in 1933, when President Franklin D. Roosevelt ordered the return of all privately held gold to the Federal Reserve. Under current constitutional constraints, individual states cannot issue their own currency, but they can recognize precious metals as legal tender—as long as their use remains voluntary.
Texas now joins a growing number of states acknowledging gold and silver in law, though none require businesses to accept them. Some local economies have experimented with “Goldbacks”—privately issued gold-foil notes used in select transactions—though these are not backed by any state or federal entity.
Looking Ahead
While HB 1056 won’t take effect until 2027, it signals a growing push in the U.S. toward currency alternatives, both physical and digital. With Texas now recognizing precious metals as transactional assets and exploring Bitcoin reserves, the state is staking its claim as a leader in monetary innovation.
Whether this movement gains broader traction—or remains symbolic—will depend on implementation, retailer adoption, and the public’s willingness to embrace hard assets in a digital-first world.
@ Newshounds News™
Source: Cointelegraph
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Ripple Launches XRPL EVM Sidechain, Bringing XRP to Ethereum dApps
In a major step toward blockchain interoperability, Ripple’s XRP Ledger (XRPL) has launched its long-anticipated Ethereum Virtual Machine (EVM)-compatible sidechain, enabling XRP to integrate with Ethereum decentralized applications (dApps) and use XRP as gas.
The launch, announced on June 30, was developed in partnership with blockchain infrastructure firm Peersyst, and marks a strategic move to position XRP at the center of Ethereum’s vast and active DeFi ecosystem.
Multichain Interoperability Begins
“With the launch of XRPL EVM, we’re unlocking a new era for XRP — one where it can flow seamlessly across the multichain world. This isn’t the finish line; it’s Day 1 of a much bigger journey toward interoperability, programmability, and utility at scale.”
— Ferran Prat, Peersyst
The new EVM sidechain allows developers to deploy Ethereum-compatible smart contracts while maintaining the performance and efficiency of the XRP Ledger. It brings faster transaction speeds and lower costs compared to Ethereum—benefits that make it especially attractive for high-volume dApps.
Ripple CTO: A Bridge Between Two Ecosystems
Ripple CTO and XRP Ledger co-creator David Schwartz praised the initiative as a bridge between two powerful ecosystems:
“The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to the XRPL’s efficiency. It extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable.”
With this move, Ripple aims to expand the utility and developer base of the XRP Ledger, tapping into the broader EVM ecosystem, which includes thousands of existing Ethereum dApps and smart contract developers.
Cross-Chain Infrastructure via Axelar
The new sidechain is connected to the main XRP Ledger via the Axelar bridge, a secure interoperability layer designed for enterprise-grade applications. This integration enables seamless cross-chain operations between XRP and Ethereum-compatible networks.
“Crypto is entering an exciting phase as institutions and enterprises are pursuing compelling new use cases. The XRP Ledger EVM Sidechain is positioned to capture this rising demand, and Axelar is the secure, institutional-grade connector that will make it possible.” — Georgios Vlachos, Axelar Foundation
Institutional and Enterprise Use Cases in Focus
The launch of the XRPL EVM Sidechain is part of Ripple’s broader strategy to attract institutional and enterprise clients, many of whom are exploring multichain solutions to optimize speed, cost, and scalability in blockchain infrastructure.
With XRP now integrated into Ethereum’s DeFi landscape, Ripple aims to position itself as a leading player in cross-chain finance, offering tools that combine the reliability of XRPL with the programmability of Ethereum.
@ Newshounds News™
Source: Crypto.news
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