Quantum-Resilient Sovereignty: A Framework for a Hybrid U.S. Digital Currency

Executive Summary

This report addresses three urgent, converging challenges facing the future of the U.S. dollar. First is the global race to develop Central Bank Digital Currencies (CBDCs). Second is the threat of quantum computing to our current cryptographic security. Third is the domestic political stalemate over financial privacy versus transparency. We propose a strategic framework for a U.S. CBDC, termed the “American Liberty Ledger,” to navigate these challenges and secure America’s economic leadership.

The core of this proposal is a novel two-tier hybrid architecture.

• Tier 1 would be a transparent, quantum-resistant public ledger for high-value transactions (over $10,000) and asset registrations. This tier would enhance financial integrity and combat illicit activities like tax evasion through anonymous shell companies.¹
• Tier 2 would be a private, token-based layer for everyday transactions. It would use advanced privacy-enhancing technologies like Zero-Knowledge Proofs (ZKPs) to provide cash-like anonymity.²

This hybrid model offers a definitive solution to the political impasse. It mathematically guarantees both individual privacy and regulatory compliance, thereby addressing the core concerns of both major political parties. By analyzing the pioneering quantum-readiness work of international bodies and nations like Singapore and France, this report outlines a technically feasible and strategically imperative path for the United States.³

The American Liberty Ledger is not merely a technological upgrade. It is a comprehensive framework to create a digital dollar that is secure against future threats, protects citizens’ civil liberties, enhances financial integrity, and reinforces the global primacy of the U.S. dollar for the 21st century. This framework culminates in a call for immediate congressional action to authorize and fund a joint task force to develop and pilot the American Liberty Ledger.

Introduction

What if the very foundations of our financial system could crumble under the weight of a new technological revolution? This is not a distant hypothetical, but an approaching reality. The global financial landscape is at a critical inflection point. It is shaped by the convergence of three powerful and transformative forces.

First is the rapid proliferation of Central Bank Digital Currency (CBDC) projects. Over 130 nations, representing 98% of global GDP, are actively exploring or developing digital versions of their sovereign currencies.⁴

Second is the looming threat of quantum computing. This new paradigm of computation has the power to solve problems currently intractable for even the most powerful supercomputers. This technology poses an existential threat to the cryptographic foundations—the mathematical locks and keys—that secure our global financial system.⁵

Third is the fundamental societal and political imperative to balance public needs with individual rights. We must weigh the need for financial integrity and transparency against the right to privacy.⁶ Navigating this complex new terrain requires more than incremental adjustments. It demands a strategic leap in monetary architecture.

This report puts forth a thesis: the United States has a unique opportunity and a strategic necessity to lead this global transformation. It can do so by pioneering a novel, two-tier hybrid digital dollar. This proposed system, the “American Liberty Ledger,” is architected to harness the benefits of a transparent, auditable public ledger for high-value assets. Simultaneously, it guarantees the privacy of everyday commerce through advanced, quantum-resistant cryptographic techniques. This framework is a comprehensive strategy to address domestic financial crime, resolve the political impasse over digital currency, and secure America’s economic leadership for the 21st century.

The Quantum Threat Timeline

Understanding the timeline of the quantum threat is crucial because it dictates the urgency of action. A cryptographically relevant quantum computer (CRQC) is a machine powerful enough to break current encryption. While predicting its exact arrival is difficult, a clear timeline of risk is emerging:

• Present Day: The “Harvest Now, Decrypt Later” threat is already a reality. Adversaries can capture and store encrypted data today. They intend to decrypt it once a CRQC is available. Given the long-term sensitivity of financial data, today’s communications are already vulnerable to a future threat.⁷
• Next 5–10 Years: A consensus is forming among experts that a CRQC will likely emerge within this timeframe.⁸ Some more aggressive estimates place its arrival in under five years.⁹
• By 2029–2034: Leading technology analysts predict that by 2029, advances in quantum computing will render current asymmetric cryptography unsafe. By 2034, it will be fully breakable.¹⁰
• By 2035: The U.S. government has set a deadline for migrating its national security systems to quantum-resistant standards. This signals a clear federal recognition of the threat’s timeline.⁹

This compressed timeline refutes any “wait-and-see” approach. It mandates immediate, proactive migration to quantum-safe standards for critical financial infrastructure.

Part I: The Global Vanguard in Quantum-Ready Financial Systems

To chart a course for American leadership, we must first understand the current state-of-the-art in quantum-resistant financial infrastructure. A select group of nations and international bodies have moved beyond theory. They are actively building and testing the financial systems of the future. Their work provides a crucial benchmark for any U.S. endeavor.

The Singapore-France Axis: Pioneering Post-Quantum Cryptography (PQC)

A powerful collaboration between the Monetary Authority of Singapore (MAS) and the Banque de France (BdF) is at the forefront of this global effort. These institutions have conducted groundbreaking experiments in Post-Quantum Cryptography (PQC). PQC is a software-based approach using new encryption algorithms that are resistant to attack by both classical and quantum computers.³

Their joint initiative successfully trialed PQC algorithms standardized by the U.S. National Institute of Standards and Technology (NIST). Specifically, they used CRYSTALS-Dilithium for digital signatures and CRYSTALS-Kyber for encryption.¹¹ In a landmark test, they secured email communications between their offices in Singapore and Paris. This demonstrated the practical feasibility of integrating next-generation algorithms into existing applications without a disruptive overhaul.³

A key element of their methodology is the “hybrid approach.” This approach combines the robustness of current, proven algorithms with new post-quantum algorithms.³ This dual-layered method is crucial for broad adoption. It creates a cryptographic bridge that protects against both known classical threats and anticipated quantum threats. The MAS-BdF collaboration is now expanding its focus from securing communications to securing the transactions themselves, particularly critical cross-border payments.³

This partnership reveals a profound strategic understanding of the challenges ahead. Transitioning a global financial system to new cryptographic standards is immensely complex and risky. The MAS-BdF partnership, along with BdF’s participation in other efforts like Project Leap, demonstrates a superior model: international collaboration as a de-risking strategy.¹² By pooling expertise and sharing R&D costs, these institutions accelerate learning and lay the groundwork for a future interoperable global system.¹³

Exploring Physical-Layer Security: The MAS Quantum Key Distribution (QKD) Sandbox

MAS has also taken a leading role in exploring hardware-based quantum security through its Quantum Key Distribution (QKD) sandbox. In collaboration with major financial institutions, MAS completed a proof-of-concept to evaluate QKD for securing financial communications.¹⁴

QKD is a fundamentally different approach from PQC. It uses the principles of quantum physics to securely exchange cryptographic keys over a physical channel, like a fiber optic cable. The act of an eavesdropper observing the quantum state of the photons used to transmit the key inevitably disturbs them, making any interception detectable.¹⁵ The MAS sandbox successfully validated that QKD can secure highly sensitive data transfers between bank data centers.¹⁴

However, the sandbox also illuminated significant hurdles to widespread QKD adoption. These include high costs, complexity, distance limitations, and the security challenge of “trusted nodes”—the physically secure sites required to extend QKD networks.¹⁴

The fact that MAS is simultaneously investing in two distinct quantum-safe technologies reveals a sophisticated strategy. PQC offers a scalable, software-based solution for existing infrastructure. QKD offers theoretically absolute, physics-based security for high-value, point-to-point channels.

This dual-track approach represents a national-level “defense-in-depth” strategy. It suggests that the most resilient future financial infrastructures will be hybrids, using PQC for broad protection and QKD for securing the most critical arteries of the financial system.¹⁴

Project Leap: The Eurosystem’s Blueprint for a Quantum-Safe Future

Project Leap, coordinated by the Bank for International Settlements (BIS) Innovation Hub, is another pillar of global leadership. This collaboration between the BIS, Banque de France, and Deutsche Bundesbank successfully established a quantum-safe communication channel. They transmitted test payment messages through a quantum-resistant Virtual Private Network (VPN) tunnel between Paris and Frankfurt.¹² This experiment proved the viability of applying PQC to protect critical financial data in transit.¹⁶

A central concept from Project Leap is the imperative for “cryptographic agility.”

Cryptographic Agility: The architectural principle that systems must be designed to allow for the rapid adoption and switching of cryptographic algorithms without disrupting the applications that rely on them.¹²

This agility is a strategic necessity. It ensures the financial system can evolve to counter new threats without being locked into obsolete standards as quantum-resistant standards evolve.¹²

Project Leap has now expanded into a second phase. It incorporates additional central banks and providers like Swift to test post-quantum digital signatures directly within a European payment system.¹⁷ The urgency driving this work is the clear and present danger of “harvest now, decrypt later” attacks.⁷

Harvest Now, Decrypt Later: An attack where an adversary intercepts and stores vast amounts of currently encrypted financial data. This data, while indecipherable now, can be held until a cryptographically relevant quantum computer becomes available, at which point it can be decrypted retroactively.⁷

This reality refutes any argument for a “wait-and-see” approach. It provides a powerful mandate for immediate, proactive migration to quantum-safe standards.

Leadership Assessment

The collective evidence positions Singapore and a core Eurozone group—led by France and Germany and coordinated by the BIS—as the clear global leaders in the race toward quantum-ready finance. Their approach is defined by proactive experimentation and robust international collaboration. While other economies like the UK are exploring CBDCs, their work does not yet show the same depth of technical experimentation in quantum security.¹⁸ However, the Bank of England’s papers for a potential digital pound do acknowledge the quantum threat and identify crypto-agility as a core design principle.¹⁹ These international efforts provide a clear blueprint for the architectural framework proposed for the United States.

Part II: Architecting the “American Liberty Ledger”: A Hybrid Digital Dollar

The insights from the global vanguard provide a solid foundation for a uniquely American solution. The proposed “American Liberty Ledger” is designed to be quantum-resistant. It also aims to resolve the tension between transparency and privacy that has stalled the CBDC debate in the United States.

Visualizing the Liberty Ledger Architecture

The proposed system is a three-part structure designed to balance public transparency with private commerce.

———————————————————————-

TIER 1: THE PUBLIC LEDGER (Transactions > $10,000)

• Function: A fully transparent, auditable, quantum-resistant CBDC for high-value transactions.
• Use Cases: Real estate purchases, vehicle registrations, corporate and government transactions, major investments.
• Benefit: Enhances financial integrity, combats money laundering, and closes tax loopholes.———————————————————————-↑ ↓THE BRIDGE: ZERO-KNOWLEDGE PROOFS (ZKPs)
• Function: A cryptographic interface connecting the public and private tiers.
• Use Cases: Shielding funds for private use; proving regulatory compliance without revealing underlying transaction data.
• Benefit: Mathematically guarantees both individual privacy and regulatory adherence, resolving the political deadlock.↑ ↓———————————————————————-TIER 2: THE PRIVATE LAYER (Transactions < $10,000)
• Function: A token-based system providing cash-like privacy for everyday spending.
• Use Cases: Groceries, fuel, retail purchases, peer-to-peer payments.
• Benefit: Protects the financial privacy and civil liberties of individual citizens.———————————————————————-

A Two-Tier Architecture for Privacy and Transparency

The core of the American Liberty Ledger is a two-tier architecture. It segregates transactions based on their value and nature, providing different levels of privacy and transparency.²⁰

• Tier 1 (The Public Ledger): This tier would function as a fully transparent, auditable CBDC. It is designed for high-value transactions (e.g., over $10,000), asset registrations, and all corporate and governmental transactions. As a direct liability of the Federal Reserve, it would operate on a centralized or permissioned ledger, providing an immutable and publicly verifiable record. This design directly confronts the problem of financial opacity and the misuse of anonymous shell companies for illicit purposes.¹
• Tier 2 (The Private Layer): This tier would serve as a digital equivalent to physical cash. It is designed for everyday, low-value peer-to-peer transactions. It would be token-based, allowing individuals to transact with strong privacy guarantees. This approach aligns with research from institutions like the International Monetary Fund and the Bank of Canada, which have explored CBDC designs that protect user privacy for retail payments.²¹

This structure constitutes a “hybrid” CBDC model. The central bank would issue the core digital currency, but private sector intermediaries—commercial banks and regulated payment providers—would manage customer-facing services.²² This leverages the innovation of the private sector and the stability of the existing financial infrastructure. The $10,000 threshold would not be static; it could be adjusted over time through transparent processes to adapt to economic changes.

The Cryptographic Bridge: Zero-Knowledge Proofs as a Regulatory Interface

The “bridge” connecting the public and private tiers is the system’s most critical innovation. This bridge will be constructed using Zero-Knowledge Proofs (ZKPs). ZKPs are a revolutionary cryptographic tool that allows one party to mathematically prove to another that a statement is true, without revealing any information beyond the statement’s validity.²

The proposed mechanism would function as follows:

1. A user allocates their digital dollars between their transparent Tier 1 account and their private Tier 2 wallet.
2. To “shield” funds for private use, the user executes a public transaction on Tier 1. This moves a specified amount into a smart contract that mints an equivalent value of private tokens in their Tier 2 wallet.
3. To spend these private tokens, the user generates a ZKP. This proof demonstrates that they possess a valid, unspent token and that the transaction adheres to all network rules. The proof itself reveals nothing about the sender, receiver, or transaction amount to the public. This is the core technology pioneered by Zcash.²³
4. The Regulatory Compliance Bridge: To satisfy legal requirements like Anti-Money Laundering (AML) laws, the system can incorporate “privacy-preserving auditability.” A user could generate a separate ZKP for a designated regulatory authority. This proof would not reveal individual transactions but could attest to aggregate facts, such as: “The total value of my private transactions in the last 30 days is less than the $10,000 reporting threshold.” The regulator would be mathematically convinced of the statement’s truth without ever gaining access to the sensitive data. This approach aligns with research by NIST and a joint project by the Bank of England and MIT.¹⁸

This ZKP-based bridge represents a technical solution to a political problem. The U.S. debate over CBDCs is deadlocked between fears of surveillance and fears of illicit finance.²⁴ ZKPs offer a “third way,” enabling a system that is provably compliant without being fully surveilled. This architecture can mathematically guarantee both individual privacy and regulatory adherence, offering a path to political compromise.

Comparative Analysis of Privacy Technologies

To build the most effective private layer, it is essential to choose the right cryptographic foundation. The two most prominent privacy-preserving cryptocurrencies, Zcash and Monero, offer different models with different implications for a regulated CBDC. The table below outlines these differences.

• Zcash (zk-SNARKs): Zcash provides optional privacy. Users can choose between transparent addresses and shielded addresses, which use zk-SNARKs (a type of ZKP) to conceal transaction data. Critically, Zcash includes “view keys,” which allow a user to grant read-only access to their shielded transaction history to a trusted third party, like a regulator. This “selective disclosure” is a powerful tool for compliance.²³
• Monero (Ring Signatures & RingCT): Monero provides privacy by default through obfuscation. It uses ring signatures to mix a sender’s transaction with others, making it difficult to identify the true source. Ring Confidential Transactions (RingCT) hide the transaction amount.²⁵ This model lacks a native mechanism for selective disclosure, making it less compatible with a regulated financial system. Research has also shown that its privacy guarantees can sometimes be weakened.²⁶

Given these differences, the American Liberty Ledger must adopt a ZKP-based privacy model analogous to that of Zcash. Its support for selective disclosure provides the only viable technical path to reconciling robust personal privacy with the non-negotiable requirements of a modern, regulated financial system.

Feature	Zcash (zk-SNARKs)	Monero (RingCT)	Implication for Hybrid CBDC Model
Privacy Model	Optional (User choice between transparent/shielded)	Default (All transactions are private)	The Zcash model aligns with the two-tier system, allowing a clear distinction between public and private transactions.
Anonymity Type	Mathematical Proof of Validity	Obfuscation via Mixing	ZKP’s mathematical proof offers stronger, more verifiable privacy guarantees than obfuscation, which can be vulnerable to statistical analysis.
Auditability	Supported via selective disclosure (View Keys)	Not natively supported; designed to be untraceable	The view key feature is the essential “bridge” that enables regulatory compliance without sacrificing default privacy. This is non-negotiable for a state-issued currency.
Regulatory Friendliness	High potential due to built-in auditability features	Low; often targeted by regulators for delisting from exchanges	A CBDC must be designed for long-term regulatory stability. The Zcash model is far more durable from a policy perspective.
Computational Overhead	High for proof generation, low for verification	Moderate; transaction sizes are larger than transparent chains	While proof generation is intensive, verifiability is efficient, which is suitable for a scalable network. Hardware acceleration can further mitigate this.

Part III: The Strategic Imperative for U.S. Leadership

Architecting a superior digital dollar is not just a technical exercise. It is a strategic imperative driven by domestic vulnerabilities and global competitive pressures. The American Liberty Ledger is a direct response to these challenges.

Enhancing Financial Integrity: Countering the Misuse of Corporate Anonymity

A persistent vulnerability in the U.S. financial system is the abuse of anonymous corporate structures. Anonymous Limited Liability Companies (LLCs), particularly in states with minimal disclosure requirements, allow owners to conceal their identities from public records. While not anonymous to the IRS, this public opacity creates friction for accountability and the prevention of illicit activities.¹

A clear example is the “Montana vehicle registration loophole.” Out-of-state residents form a shell LLC in Montana—a state with no sales tax—to register high-value assets like luxury cars. They then use these assets in their home states, illegally evading millions in sales and use taxes.²⁷ This scheme costs other states billions of dollars in lost revenue annually. For instance, California DMV data showed that dealers sold nearly $2 billion worth of vehicles to Montana LLCs since 2022.²⁸ In Utah, authorities estimate they could recover up to $100 million from this loophole alone.²⁹ Beyond the fiscal impact, this practice creates an unlevel playing field for law-abiding citizens and businesses.

The Tier 1 public ledger of the American Liberty Ledger offers a definitive solution. By requiring high-value assets and corporate entities to be registered on-chain, it would create a transparent and secure record of ownership. Ownership would be tied to a verifiable digital identity, rendering schemes like the Montana loophole technologically impossible.

Forging a Bipartisan Path: A Political Compromise for the Digital Dollar

The U.S. debate over a CBDC is mired in a political stalemate. The Republican platform is characterized by vehement opposition rooted in fears of government surveillance and financial coercion.³⁰ The party’s principles emphasize that the private sector should lead innovation and that any digital currency must protect privacy.³¹

Conversely, the Democratic position views CBDC research as essential for U.S. innovation and for maintaining the global primacy of the dollar, particularly against competition from nations like China.³² From this perspective, banning research is an “anti-innovation” stance that would unilaterally disarm the U.S.³²

The hybrid architecture of the American Liberty Ledger is explicitly designed to bridge this political divide. The mathematically guaranteed privacy of the Tier 2 layer directly neutralizes the core Republican fear of government surveillance. Simultaneously, the transparent Tier 1 ledger and the ZKP-based regulatory bridge satisfy the Democratic imperative for financial oversight. This dual structure is a tangible legislative compromise that offers a viable path forward, addressing the legitimate concerns of both sides and creating an opportunity for national unity on a critical issue.

Navigating a Multipolar Financial World

The urgency for U.S. action is amplified by shifts in the global financial order. One significant trend is the rapid growth of Sharia-compliant finance. The global Islamic finance market is projected to grow from approximately $2.5 trillion in 2023 to over $7.7 trillion by 2033.³³ Its expansion into non-Muslim-majority regions in Europe and Asia is a clear sign of its increasing mainstream appeal.³³

In this context, partnerships like the one between U.S. investment giant Franklin Templeton and Saudi Arabia’s Public Investment Fund (PIF) can be misinterpreted. This collaboration is a key component of Saudi Vision 2030, a national strategy to diversify the Kingdom’s economy away from oil.³⁴ It is a pragmatic move to integrate with a large and growing global market, not a sign of U.S. finance being subsumed.³⁵

The real strategic threat to U.S. financial dominance comes from the potential for a rival state-backed digital currency, such as China’s e-CNY, to create alternative international payment rails that could bypass the U.S. dollar-centric system.³² The correct strategic response is to ensure that the U.S. dollar, in its next-generation digital form, remains the most secure, efficient, private, and desirable anchor currency for the entire global system. U.S. leadership is maintained by building a superior product. The American Liberty Ledger would be that superior product.

Conclusion: A Call to Action for a 21st Century Dollar

The confluence of global CBDC development, the quantum computing threat, and the domestic debate over privacy presents the United States with a historic challenge and an unprecedented opportunity. The path forward is not a binary choice between an all-seeing state currency and an unregulated digital wild west. A third way is necessary: a hybrid digital currency system that integrates privacy and security through sophisticated cryptographic design.

The proposed “American Liberty Ledger” offers a comprehensive strategic response. Its quantum-resistant foundation addresses the “harvest now, decrypt later” threat. Its two-tier architecture combats illicit finance while protecting the financial privacy of individual citizens. This dual structure offers a pragmatic and technically sound basis for a political compromise.

The global financial system is not waiting. The vanguard of nations is already building the infrastructure of the next generation. The consequences of inaction—ceding financial leadership and exposing our economy to future cryptographic threats—are too significant to ignore. For the United States to secure its financial leadership and project its democratic values into the digital future, it must seize the initiative.

Therefore, the immediate and most critical next step is for Congress to authorize and fund a joint task force. This task force should comprise the Federal Reserve, the Treasury Department, NIST, and private-sector cryptographic experts. Its mission: to develop a formal technical specification and pilot program for the American Liberty Ledger architecture. This is how we begin the vital work of architecting a digital dollar that is worthy of its name—one that is secure, private, transparent, and free.

Glossary of Terms

• CBDC (Central Bank Digital Currency): A digital form of a country’s fiat currency that is a direct liability of the central bank.
• PQC (Post-Quantum Cryptography): Cryptographic algorithms, typically software-based, that are thought to be secure against attack by both classical and quantum computers.
• QKD (Quantum Key Distribution): A secure communication method that uses principles of quantum physics to exchange encryption keys over a physical channel, making any eavesdropping detectable.
• ZKP (Zero-Knowledge Proof): A cryptographic method by which one party (the prover) can prove to another party (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself.
• zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge): A specific type of zero-knowledge proof that generates proofs that are very small and quick to verify. It is the technology that underpins the privacy features of Zcash.
• RingCT (Ring Confidential Transactions): A privacy technology used by Monero that combines Ring Signatures (to obscure the sender) with Confidential Transactions (to hide the amount).

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