Speech codecs that convert continuous speech signals into discrete tokens have become essential for speech language models. However, existing codecs struggle to balance high-quality reconstruction with semantically rich representations, limiting their effectiveness in both generative and understanding tasks. In this work, we propose SAC, a neural speech codec with semantic-acoustic dual-stream quantization. By disentangling semantic and acoustic modeling into two dedicated streams, SAC enables each to be optimized for its respective role. Comprehensive evaluations show that SAC achieves strong reconstruction performance across diverse bitrates under both clean and noisy conditions, with particularly high scores on UTMOS and WER, indicating superior naturalness and intelligibility. Moreover, SAC substantially surpasses prior codecs in semantic representation, approaching the level of continuous self-supervised embeddings. When used as a tokenizer for LLM-based text-to-speech, SAC enables a single-stage autoregressive (AR) TTS model that clearly outperforms state-of-the-art AR systems. Our disentanglement analysis further validates the effectiveness of the dual-stream design, offering new potential for controllable speech generation.

Recent language model (LM) advancements have showcased impressive zero-shot voice conversion (VC) performance. However, existing LM-based VC models usually apply offline conversion from source semantics to acoustic features, demanding the complete source speech and limiting their deployment to real-time applications. In this paper, we introduce StreamVoice, a novel streaming LM-based model for zero-shot VC, facilitating real-time conversion given arbitrary speaker prompts and source speech. Specifically, to enable streaming capability, StreamVoice employs a fully causal context-aware LM with a temporal-independent acoustic predictor, while alternately processing semantic and acoustic features at each time step of autoregression which eliminates the dependence on complete source speech. To address the potential performance degradation from the incomplete context in streaming processing, we enhance the context-awareness of the LM through two strategies: 1) teacher-guided context foresight, using a teacher model to summarize the present and future semantic context during training to guide the model’s forecasting for missing context; 2) semantic masking strategy, promoting acoustic prediction from preceding corrupted semantic and acoustic input, enhancing context-learning ability. Notably, StreamVoice is the first LM-based streaming zero-shot VC model without any future look-ahead. Experiments demonstrate StreamVoice’s streaming conversion capability while achieving zero-shot performance comparable to non-streaming VC systems.