While I tend to systematically doubt anything that "represents" gold supposedly stored somewhere and therefore tend to agree with the sentiment, I believe that

While I tend to systematically doubt anything that "represents" gold supposedly stored somewhere and therefore tend to agree with the sentiment, I believe that if an actual state were to implement this, along with: - a system of independent, redundant audits of the reserves (independent as in: they would not live in Texas) - a blockchain to track and record for all eternity the state of the currency *and* the audits - a guarantee etched in stone in the Texas constitution that the e-currency is - by law - instantly convertible to the real thing (and by that, I mean actual gold, not the current market rate equivalent in toilet paper). then it would have a chance of succeeding. But again, there are so many ways to cheat and lie when you manage a gold "reserve", including storing fake gold, that - indeed - while this would be a lot easier to handle and trade with than real gold, it would still not replace it.