Stablecoin issuer Circle Internet Group (NYSE: $CRCL) has purchased nearly 1,000 blockchain patents from technology giant IBM (NYSE: $IBM).
In a news release, Circle said that the deal makes it the largest holder of blockchain patents in the U.S.
The portfolio acquired from IBM spans more than 680 patent families covering blockchain technology, banking, financial services, insurance, enterprise infrastructure, and cloud security.
How much Circle Internet Group paid IBM for the patents was not disclosed publicly.
IBM had been one of the largest U.S. blockchain patent holders before the sale to Circle, along with Bank of America (NYSE: $BAC).
Circle said the patents will help support the evolution of its USD Coin (CRYPTO: $USDC) stablecoin, as well as its Circle Payments Network and Arc blockchain.
“Intellectual property is critical to advancing our mission and expanding adoption of onchain infrastructure,” said Circle in the news release.
Circle received its first patent, covering blockchain data processing, in December 2023.
The company did not disclose whether IBM retains any licensing rights following the patent sale.
CRCL stock has declined 66% in the last 12 months to trade at $62.36 U.S. per share.
IBM stock is down 18% over the past year and trading at $214.19 U.S. on July 27.
