发表机构
VISA Research; Circle Research（VISA研究院; Circle研究院）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本文系统化研究后量子稳定币，构建威胁模型，按授权方、变更位置和混合/原生/封装分类迁移选择，揭示权威-责任差距，并识别开放问题。
AI 中文摘要
稳定币支撑着数字资产生态系统中的支付、交易、抵押和跨链结算。它们同时将价值集中于发行方、托管方、升级方、预言机和桥接密钥之后，并继承了主链账户、共识、汇总和隐私系统的量子漏洞。本文对后量子稳定币进行了知识系统化（SoK）研究。我们开发了一个针对稳定币的威胁模型，将密码学依赖映射到货币控制面，并沿三个维度对迁移选择进行分类：谁可以授权变更、变更必须发生在何处，以及变更是混合型、后量子原生型还是对经典组件的封装。我们强调一种权威-责任差距：能够迁移组件的当事方往往不同于在失败时承担损失的持有者、交易所、协议或发行方。我们审查了相关的密码学原语，但将一般区块链故障与其对稳定币特有的影响区分开来。我们还考察了近期区块链和发行方控制的互操作性提案，并将迁移选择与当前稳定币监管下的赎回、连续性和干预要求联系起来。我们的研究结果识别了在聚合和阈值授权、操作特定安全级别和成本、休眠和包装供应、隐私及合规性转移，以及量子脆弱稳定币敞口测量方面的开放问题。
英文摘要
Stablecoins support payments, trading, collateral, and cross-chain settlement across the digital-asset ecosystem. They also concentrate value behind issuer, custody, upgrade, oracle, and bridge keys while inheriting the quantum vulnerabilities of host-chain accounts, consensus, rollups, and privacy systems. This paper presents a Systematization of Knowledge (SoK) on post-quantum stablecoins. We develop a stablecoin-specific threat model, map cryptographic dependencies to monetary control surfaces, and classify migration choices along three dimensions: who can authorize a change, where the change must occur, and whether it is hybrid, post-quantum native, or an encapsulation of a classical component. We emphasize an authority-liability gap: the party able to migrate a component is often different from the holders, exchanges, protocols, or issuers that bear the loss if it fails. We review the relevant cryptographic primitives, but distinguish general blockchain failures from their stablecoin-specific effects. We also examine recent blockchain and issuer-controlled interoperability proposals, and relate migration choices to redemption, continuity, and intervention requirements under current stablecoin regulation. Our findings identify open problems in aggregate and threshold authorization, operation-specific security levels and costs, dormant and wrapped supply, private and compliance-enabled transfers, and measurement of quantum-vulnerable stablecoin exposure.
