diff --git a/Cargo.lock b/Cargo.lock
index 47621472bc..d6f205b2e3 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -3298,6 +3298,7 @@ dependencies = [
  "slog-json",
  "slog-term",
  "time 0.2.27",
+ "toml",
  "winapi 0.3.9",
 ]
 
diff --git a/docs/release-process.md b/docs/release-process.md
index b96d3d2beb..3d7d32545c 100644
--- a/docs/release-process.md
+++ b/docs/release-process.md
@@ -64,10 +64,11 @@ The timing of the next Stacking cycle can be found [here](https://stx.eco/dao/to
    - Add cherry-picked commits to the `feat/X.Y.Z.A.n-pr_number` branch
    - Merge `feat/X.Y.Z.A.n-pr_number` into `release/X.Y.Z.A.n`.
 
-4. Open a PR to update the [CHANGELOG](../CHANGELOG.md) file in the `release/X.Y.Z.A.n` branch.
+4. Open a PR to update the [CHANGELOG](../CHANGELOG.md) in the `release/X.Y.Z.A.n` branch.
 
    - Create a chore branch from `release/X.Y.Z.A.n`, ex: `chore/X.Y.Z.A.n-changelog`.
    - Add summaries of all Pull Requests to the `Added`, `Changed` and `Fixed` sections.
+   - Update the `stacks_node_version` string in [versions.toml](../versions.toml) to match this release.
 
      - Pull requests merged into `develop` can be found [here](https://github.com/stacks-network/stacks-core/pulls?q=is%3Apr+is%3Aclosed+base%3Adevelop+sort%3Aupdated-desc).
 
diff --git a/libsigner/src/libsigner.rs b/libsigner/src/libsigner.rs
index b1b760af6d..2eb0fa850a 100644
--- a/libsigner/src/libsigner.rs
+++ b/libsigner/src/libsigner.rs
@@ -53,6 +53,7 @@ use blockstack_lib::version_string;
 use clarity::codec::StacksMessageCodec;
 use clarity::vm::types::QualifiedContractIdentifier;
 use lazy_static::lazy_static;
+use stacks_common::versions::STACKS_SIGNER_VERSION;
 
 pub use crate::error::{EventError, RPCError};
 pub use crate::events::{
@@ -80,7 +81,16 @@ pub trait SignerMessage<T: MessageSlotID>: StacksMessageCodec {
 lazy_static! {
     /// The version string for the signer
     pub static ref VERSION_STRING: String = {
-        let pkg_version = option_env!("STACKS_NODE_VERSION").unwrap_or(env!("CARGO_PKG_VERSION"));
+        let pkg_version = option_env!("STACKS_NODE_VERSION").or(Some(STACKS_SIGNER_VERSION));
         version_string("stacks-signer", pkg_version)
     };
 }
+
+#[test]
+fn test_version_string() {
+    let version = VERSION_STRING.to_string();
+    assert_eq!(
+        version.contains(format!("stacks-signer {}", STACKS_SIGNER_VERSION).as_str()),
+        true
+    );
+}
diff --git a/stacks-common/Cargo.toml b/stacks-common/Cargo.toml
index 81b4326d4c..661b61be29 100644
--- a/stacks-common/Cargo.toml
+++ b/stacks-common/Cargo.toml
@@ -12,6 +12,7 @@ keywords = [ "stacks", "stx", "bitcoin", "crypto", "blockstack", "decentralized"
 readme = "README.md"
 resolver = "2"
 edition = "2021"
+build = "build.rs"
 
 [lib]
 name = "stacks_common"
@@ -79,6 +80,9 @@ bech32_std = []
 bech32_strict = []
 strason = []
 
+[build-dependencies]
+toml = "0.5.6"
+
 [target.'cfg(all(any(target_arch = "x86_64", target_arch = "x86", target_arch = "aarch64"), not(any(target_os="windows"))))'.dependencies]
 sha2 = { version = "0.10", features = ["asm"] }
 
diff --git a/stacks-common/build.rs b/stacks-common/build.rs
new file mode 100644
index 0000000000..00db6c24db
--- /dev/null
+++ b/stacks-common/build.rs
@@ -0,0 +1,43 @@
+use std::path::Path;
+use std::{env, fs};
+
+use toml::Value;
+
+fn main() {
+    let toml_content =
+        fs::read_to_string("../versions.toml").expect("Failed to read versions.toml");
+
+    let config: Value = toml::from_str(&toml_content).expect("Failed to parse TOML");
+
+    let mut rust_code = String::from("// Auto-generated code from versions.toml\n\n");
+
+    match config {
+        Value::Table(table) => {
+            for (key, val) in table {
+                match val {
+                    Value::String(s) => {
+                        let const_value = format!("\"{}\"", s);
+                        rust_code.push_str(&format!(
+                            "pub const {}: &str = {};\n",
+                            key.to_uppercase(),
+                            const_value
+                        ));
+                    }
+                    _ => {
+                        panic!("Invalid value type in versions.toml: {:?}", val);
+                    }
+                };
+            }
+        }
+        _ => {
+            panic!("Invalid value type in versions.toml: {:?}", config);
+        }
+    }
+
+    let out_dir = env::var_os("OUT_DIR").unwrap();
+    let dest_path = Path::new(&out_dir).join("versions.rs");
+    fs::write(&dest_path, rust_code).expect("Failed to write generated code");
+
+    // Tell Cargo to rerun this script if the TOML file changes
+    println!("cargo:rerun-if-changed=../versions.toml");
+}
diff --git a/stacks-common/src/libcommon.rs b/stacks-common/src/libcommon.rs
index 04c3acc1ea..853176455d 100644
--- a/stacks-common/src/libcommon.rs
+++ b/stacks-common/src/libcommon.rs
@@ -99,6 +99,10 @@ pub mod consts {
     pub const MICROSTACKS_PER_STACKS: u32 = 1_000_000;
 }
 
+pub mod versions {
+    include!(concat!(env!("OUT_DIR"), "/versions.rs"));
+}
+
 /// This test asserts that the constant above doesn't change.
 /// This exists because the constant above is used by Epoch 2.5 instantiation code.
 ///
diff --git a/stacks-signer/release-process.md b/stacks-signer/release-process.md
index 71d47a3e26..54bebafad0 100644
--- a/stacks-signer/release-process.md
+++ b/stacks-signer/release-process.md
@@ -63,10 +63,11 @@ The timing of the next Stacking cycle can be found [here](https://stx.eco/dao/to
    - Add cherry-picked commits to the `feat/signer-X.Y.Z.A.n.x-pr_number` branch
    - Merge `feat/signer-X.Y.Z.A.n.x-pr_number` into `release/signer-X.Y.Z.A.n.x`.
 
-4. Open a PR to update the [CHANGELOG](./CHANGELOG.md) file in the `release/signer-X.Y.Z.A.n.x` branch.
+4. Open a PR to update the [CHANGELOG](./CHANGELOG.md) in the `release/signer-X.Y.Z.A.n.x` branch.
 
    - Create a chore branch from `release/signer-X.Y.Z.A.n.x`, ex: `chore/signer-X.Y.Z.A.n.x-changelog`.
    - Add summaries of all Pull Requests to the `Added`, `Changed` and `Fixed` sections.
+   - Update the `stacks_signer_version` string in [versions.toml](../versions.toml) to match this release.
 
      - Pull requests merged into `develop` can be found [here](https://github.com/stacks-network/stacks-core/pulls?q=is%3Apr+is%3Aclosed+base%3Adevelop+sort%3Aupdated-desc).
 
diff --git a/stackslib/src/lib.rs b/stackslib/src/lib.rs
index 190ef8a1f0..a9eb1b2aa5 100644
--- a/stackslib/src/lib.rs
+++ b/stackslib/src/lib.rs
@@ -45,6 +45,7 @@ extern crate stacks_common;
 #[macro_use]
 pub extern crate clarity;
 
+use stacks_common::versions::STACKS_NODE_VERSION;
 pub use stacks_common::{address, codec, types, util};
 
 #[macro_use]
@@ -79,7 +80,8 @@ const BUILD_TYPE: &'static str = "debug";
 #[cfg(not(debug_assertions))]
 const BUILD_TYPE: &'static str = "release";
 
-pub fn version_string(pkg_name: &str, pkg_version: &str) -> String {
+pub fn version_string(pkg_name: &str, pkg_version: Option<&str>) -> String {
+    let pkg_version = pkg_version.unwrap_or(STACKS_NODE_VERSION);
     let git_branch = GIT_BRANCH
         .map(|x| format!("{}", x))
         .unwrap_or("".to_string());
diff --git a/stackslib/src/main.rs b/stackslib/src/main.rs
index 76a9d63c21..ccb7e79103 100644
--- a/stackslib/src/main.rs
+++ b/stackslib/src/main.rs
@@ -316,7 +316,7 @@ fn main() {
             "{}",
             &blockstack_lib::version_string(
                 option_env!("CARGO_PKG_NAME").unwrap_or(&argv[0]),
-                option_env!("CARGO_PKG_VERSION").unwrap_or("0.0.0.0")
+                option_env!("STACKS_NODE_VERSION")
             )
         );
         process::exit(0);
diff --git a/stackslib/src/net/api/getinfo.rs b/stackslib/src/net/api/getinfo.rs
index d95b94803a..02251480f6 100644
--- a/stackslib/src/net/api/getinfo.rs
+++ b/stackslib/src/net/api/getinfo.rs
@@ -111,12 +111,7 @@ impl RPCPeerInfoData {
         coinbase_height: u64,
         ibd: bool,
     ) -> RPCPeerInfoData {
-        let server_version = version_string(
-            "stacks-node",
-            option_env!("STACKS_NODE_VERSION")
-                .or(option_env!("CARGO_PKG_VERSION"))
-                .unwrap_or("0.0.0.0"),
-        );
+        let server_version = version_string("stacks-node", option_env!("STACKS_NODE_VERSION"));
         let (unconfirmed_tip, unconfirmed_seq) = match chainstate.unconfirmed_state {
             Some(ref unconfirmed) => {
                 if unconfirmed.num_mined_txs() > 0 {
diff --git a/stackslib/src/net/api/getstxtransfercost.rs b/stackslib/src/net/api/getstxtransfercost.rs
index 78e6e66851..c8675e2867 100644
--- a/stackslib/src/net/api/getstxtransfercost.rs
+++ b/stackslib/src/net/api/getstxtransfercost.rs
@@ -42,7 +42,6 @@ use crate::net::httpcore::{
 };
 use crate::net::p2p::PeerNetwork;
 use crate::net::{Error as NetError, HttpServerError, StacksNodeState};
-use crate::version_string;
 
 pub(crate) const SINGLESIG_TX_TRANSFER_LEN: u64 = 180;
 
diff --git a/testnet/stacks-node/src/main.rs b/testnet/stacks-node/src/main.rs
index 7916de9d00..f44f384fd2 100644
--- a/testnet/stacks-node/src/main.rs
+++ b/testnet/stacks-node/src/main.rs
@@ -433,12 +433,7 @@ fn main() {
 }
 
 fn version() -> String {
-    stacks::version_string(
-        "stacks-node",
-        option_env!("STACKS_NODE_VERSION")
-            .or(option_env!("CARGO_PKG_VERSION"))
-            .unwrap_or("0.0.0.0"),
-    )
+    stacks::version_string("stacks-node", option_env!("STACKS_NODE_VERSION"))
 }
 
 fn print_help() {
@@ -456,7 +451,7 @@ SUBCOMMANDS:
 
 mainnet\t\tStart a node that will join and stream blocks from the public mainnet.
 
-mocknet\t\tStart a node based on a fast local setup emulating a burnchain. Ideal for smart contract development. 
+mocknet\t\tStart a node based on a fast local setup emulating a burnchain. Ideal for smart contract development.
 
 helium\t\tStart a node based on a local setup relying on a local instance of bitcoind.
 \t\tThe following bitcoin.conf is expected:
diff --git a/testnet/stacks-node/src/neon_node.rs b/testnet/stacks-node/src/neon_node.rs
index 2d4dc7fadd..2dcd534a19 100644
--- a/testnet/stacks-node/src/neon_node.rs
+++ b/testnet/stacks-node/src/neon_node.rs
@@ -2213,12 +2213,7 @@ impl BlockMinerThread {
     /// Only used in mock signing to generate a peer info view
     fn generate_peer_info(&self) -> PeerInfo {
         // Create a peer info view of the current state
-        let server_version = version_string(
-            "stacks-node",
-            option_env!("STACKS_NODE_VERSION")
-                .or(option_env!("CARGO_PKG_VERSION"))
-                .unwrap_or("0.0.0.0"),
-        );
+        let server_version = version_string("stacks-node", option_env!("STACKS_NODE_VERSION"));
         let stacks_tip_height = self.burn_block.canonical_stacks_tip_height;
         let stacks_tip = self.burn_block.canonical_stacks_tip_hash;
         let stacks_tip_consensus_hash = self.burn_block.canonical_stacks_tip_consensus_hash;
diff --git a/versions.toml b/versions.toml
new file mode 100644
index 0000000000..3e8150cc95
--- /dev/null
+++ b/versions.toml
@@ -0,0 +1,4 @@
+# Update these values when a new release is created.
+# `stacks-common/build.rs` will automatically update `versions.rs` with these values.
+stacks_node_version = "3.1.0.0.2"
+stacks_signer_version = "3.1.0.0.2.0"