Here’s what happened in crypto today

Today in crypto, the Hong Kong Monetary Authority (HKMA) aims to make Hong Kong’s banking sector fully prepared for quantum-related security risks by 2030. Circle is acquiring IBM’s blockchain patent portfolio, adding nearly 1,000 patents to become the largest holder of blockchain patents in the US, while Coinbase CEO Brian Armstrong said AI agents will drive demand for crypto-based financial services.

Hong Kong prepares banks for quantum threats amid tokenization push

The HKMA has launched a framework to assess banks’ preparedness for quantum-computing threats as the city expands its use of tokenized deposits, digital assets and blockchain settlement. 

On Monday, the HKMA introduced a white paper on quantum preparedness and the sector’s first Quantum Preparedness Index (QPI). The index gave the sector an overall readiness score of 2.3 out of 10, while the white paper found that around half of surveyed institutions had no formal post-quantum planning in place. The HKMA said it aims to achieve full sector readiness, represented by a QPI score of 10, by 2030.

The development comes as Hong Kong moves more traditional financial activity onto distributed ledgers. Government figures show that Hong Kong has issued three batches of tokenized green bonds totaling about HK$16.8 billion (about $2.1 billion) since 2023, while the HKMA is advancing tokenized deposits and digital-asset settlement through Project Ensemble. 

The HKMA white paper said distributed ledger applications and payment networks depend on cryptography for core functions and could face severe disruption if those protections were compromised. 

It also said one surveyed institution completed a proof of concept applying post-quantum cryptography to distributed-ledger connectivity and cited HSBC’s 2024 use of quantum-safe technology to move tokenized gold across distributed ledgers.

Circle acquires IBM’s blockchain patent portfolio

Circle is acquiring IBM’s blockchain patent portfolio, adding nearly 1,000 issued patents in a move that significantly expands the USDC issuer’s intellectual property holdings.

The acquisition includes more than 680 patent families and nearly 1,000 patents, although the companies did not disclose financial terms. Circle said the deal will make it the largest holder of blockchain patents in the United States, strengthening its position as it builds infrastructure for an internet-native financial system.

Many of the patents stem from IBM’s years-long investment in enterprise blockchain, particularly systems designed to improve the movement and verification of goods across global supply chains. While IBM was one of the industry’s most aggressive blockchain innovators during the late 2010s, its pace of new patent filings has since slowed. Investors appeared to welcome the acquisition, sending Circle shares more than 2% higher in premarket trading.

Coinbase CEO touts agentic finance as Base tops 100 million AI payments

Coinbase CEO Brian Armstrong is pushing back against calls for crypto to pivot to artificial intelligence, arguing AI agents will instead stoke demand for crypto-based financial services.

Armstrong took to X on Sunday to tout agentic finance (AiFi), highlighting Coinbase’s Base network, USDC and x402 as the infrastructure for autonomous machine-to-machine payments.

“AI being a megatrend takes nothing away from crypto,” Armstrong wrote, because AI agents will need programmable money rather than traditional banking rails. “If anything, it makes crypto more important,” he added.

His comments come as crypto companies increasingly position blockchain networks as payment infrastructure for AI agents, with agentic payment activity on Base topping 100 million transactions in June.