It’s been a busy week at Project Eleven. Last Thursday (06/19/25) we announced our seed round co-led by Variant and Quantonation, with participation from Castle Island Ventures, Nebular, and Formation. We also announced yellowpages, but more on that later.
Stable-coin provider Circle launched its IPO on 5 June 2025. Since then, Circle’s share price has rocketed from the $31 offer price to well over $100 within the first two trading days, and it has kept climbing.
Stable coins are rapidly becoming embedded within mainstream finance, for example they are currently integrated into Stripe, Coinbase and most recently Shopify. They work through smart contracts; for example, USDC, Circle’s primary stable coin, is governed by code running on the Ethereum blockchain.
The question is, how vulnerable are stable coins to a quantum attack? Ethereum’s digital signatures rely on the Elliptic Curve Digital Signature Algorithm (ECDSA), which a sufficiently powerful quantum computer running Shor’s algorithm breaks. What’s discussed less is the implications this has to the smart-contract layer itself, including the contracts that manage stable coins.
Inside a typical contract, there are different levels of authority. At the base are ordinary users, who can call day-to-day functions like sending USDC to another wallet, approving a payment, redeeming tokens for dollars, or checking their balance on-chain. Higher up are owner or admin accounts that can drain funds, mint new tokens, or even self-destruct the contract.
If a quantum attacker cracked the key of a regular user, they could empty that user’s wallet, bad for the user, but not fatal to the system. But if the attacker seized an admin key, they could mint tokens, blacklist accounts or redirect balances, this could potentially destroy the stable coin’s 1-to-1 peg. The coin would nosedive just as Terra’s stable-coin UST did in May 2022, when it slipped from $1 to pennies and helped wipe out about $40 billion in value almost overnight.
In short, a quantum-era breach of a stable-coin’s admin account could trigger a rapid, far-reaching collapse, hurting not only crypto users but also the traditional financial rails that are beginning to rely on these “digital dollars.”
yellowpages is now live! yellowpages is the first public, anonymous, post-quantum proof of Bitcoin ownership. It does this by linking your current Bitcoin key to new post-quantum keys through a series of cross-linked signatures, this is done locally. Then a proof is generated inside a TEE (trusted-execution environment).
The user flow is simple. First, through the yellowpages client, you generate a 24-word seed phrase. That phrase produces both ML-DSA and SLH-DSA key pairs. You then sign a message provided by yellowpages with your Bitcoin wallet. That Bitcoin signature is bundled together with a matching signature from the post-quantum keys. The bundle is sent, over a post-quantum-secure ML-KEM channel, to the TEE. Inside the enclave the signatures are validated, and the resulting proof is uploaded to the public directory of proofs, permanently linking your Bitcoin address to your new post-quantum keys.
After Q-Day, when on-chain identity may be in doubt, this proof shows that you already owned the Bitcoin address before quantum computers capable of breaking current cryptography existed. yellowpages is free to use, open source, and audited, so give it a try, and please send any feedback to support[at]projecteleven.com.
yellowpages → yellowpages.xyz
Resources → https://www.yellowpages.xyz/resources
Seed announcement blog → https://blog.projecteleven.com/posts/announcing-our-6m-seed-round-to-build-a-quantum-ready-future
hello yellowpages → https://blog.projecteleven.com/posts/hello-yellowpages
https://www.ft.com/content/3ae0fa88-2884-47e5-93c4-4690f37ceceb - UK Government has pledged to invest £500mn in quantum technologies over the next 4 years.
https://www.pubaffairsbruxelles.eu/eu-institution-news/eu-reinforces-its-cybersecurity-with-post-quantum-cryptography/ - The EU has issued a roadmap that requires every Member State to start migrating to post-quantum cryptography by the end of 2026. All critical infrastructure must be secured no later than 2030, in line with NIST guidelines.
https://www.ibm.com/quantum/blog/large-scale-ftqc - IBM’s new roadmap explains that, by 2029, it plans to deliver “IBM Quantum Starling,” a modular, fault-tolerant quantum computer able to run 100 million-gate circuits on 200 logical qubits. This new roadmap has downgraded the progress of IBM, this has been common on IBM roadmaps for quantum computing so far.
https://research.google/blog/a-colorful-quantum-future/ - Google’s Willow chip has demonstrated below-threshold color-code error correction, hinting at a more qubit-efficient path to scalable, fault-tolerant quantum computing.
Until next time,
The Project Eleven Team