Stellar’s Bell upgrade supports post-quantum signature verification, but that doesn’t mean the entire chain has completed its post-quantum migration.

The scope of this change is specific: smart contracts can call the ML-DSA signature verification function, allowing custom accounts to set this type of signature as a spending authorization condition. Transaction signatures at the network layer still use Ed25519. Wallets and custodial services also need to integrate the feature themselves; regular accounts won’t switch automatically.

The timing also matters. The official testnet vote is scheduled for November 3, and the mainnet vote for November 23, both at 17:00 UTC. The voting schedule is not proof that the upgrade is already live; validators must approve it.

What matters more to me is which authorization rules wallets ultimately adopt and whether users can actually use them. The protocol provides signature verification capabilities, but that only gives developers the tools; turning those tools into usable products still requires integration and testing.

A technical upgrade does not determine token price; implementation and market risks still warrant attention.

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