Digital Assets Insights: Post-quantum tokenisation: the migration challenge

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Digital Assets Insights: Post-quantum tokenisation: the migration challenge

8 July 2026

Digital Assets Insights CurrenciesGlobal

Post-quantum tokenisation: the migration challenge

◆ Quantum computing does not pose an immediate threat to Daragh Maher

blockchain cryptography, but it could do so in the future Head of Digital Assets Research, Sr FX Strategist HSBC Bank plc

daragh.maher@hsbc.com

◆ Defences against the quantum computing threat already exist +44 20 7991 8888

so the challenge is operational migration, not tech Ella Hewitt

Digital Assets Analyst

HSBC Bank plc

◆ Tokenised Trad-Fi and stablecoins may be better placed than ella.hewitt@hsbc.com

crypto for this migration, but all elements need to move 074687 05070

Anirudh Shreevatsa

Associate

Tokenisation is pushing financial markets towards direct digital ownership and more Bangalore

automated settlement across stablecoins, tokenised deposits, tokenised securities,

custody platforms and atomic settlement systems. That shift places cryptography

closer to the centre of trust than in traditional market structures, where ownership is

reinforced by layers of intermediaries, legal agreements and operational controls.

Quantum computing matters in this context because financial infrastructure is built to

last for decades, meaning systems designed now may still be running in the 2040s

and may need to withstand changes in cryptographic assumptions over their lifetime.

The primary quantum exposure sits in public key cryptography (digital signatures and

key-based ownership). A sufficiently capable quantum computer could potentially

derive a private key from a public key and produce valid signatures, undermining

cryptographic ownership. A further, often underweighted risk lies outside the ledger