Circle Internet Group NYSE:CRCL, the issuer of the USDC stablecoin, rose 2.28% premarket after announcing it had acquired assets from IBM's NYSE:IBM blockchain patent portfolio. The package runs to more than 680 patent families and close to 1,000 issued patents worldwide, covering foundational blockchain technology alongside banking, financial services, insurance, enterprise infrastructure, supply chain verification and secure cloud operations. Circle didn't disclose what it paid.
The company says the deal makes it the leading holder of blockchain patents in the United States, and that the expanded position supports USDC, the Circle Payments Network and Arc, its layer-1 blockchain. "Intellectual property is critical to advancing our mission," said Sarah Wilson, Circle's general counsel. The two companies also plan to look at further commercial work together.
Circle reports second-quarter results on August 5.