According to Davep, texture transparency handling was fixed a builds ago, but it still happens specially with XY Text based scripted / objects. I did checked several other places known to using similar scripts... same results... garbled ugly rendering. (This on the latest viewer @ github marked with release/qa tag as of today, the current official viewer also shows same behavior)

Sometimes, it seems to work fine, after a while seems stuck.... There are hundreds of gadgets and signs in-world using scripts based on XY Text.

This bug is probably a showstopper for many.