State finance: other; office of the Michigan bullion depository and Michcoin act; create. Creates new act.

HB 4086 proposes creating the "Michcoin" digital currency, backed by physical gold and silver held in a state-managed bullion depository. It establishes the Michigan Bullion Depository within the Treasury Department to manage reserves, issue Michcoin (representing fractions of gold/silver), and allow users to redeem digital units for physical bullion or specie. The bill requires the state to maintain sufficient gold/silver reserves in a "pooled depository account" to back all issued Michcoin, with fees covering operational costs. It directly affects state government (through Treasury), financial institutions acting as depository agents, and residents or businesses using Michcoin for transactions or storage. The bill is currently pending in the House Committee on Government Operations.