However, there’s a hack that avoids needing a stencil buffer at all. Just draw with additive blending and use a color value of 1/255 (since colors on the GPU are 8-bit and range from 0 to 1). The resulting pixel only lies inside the outline if the accumulated color scaled back up by 255 is odd.
Easy Scalable Text Rendering on the GPU
Evan Wallace

This will make it impossible to render each glyph with different color if glyphs are not rendered one by one(each one consumes a draw-call). See

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