Real-world assets are moving from the “issuance” phase into onchain utility, with activity on decentralized finance platforms increasingly tied to tokenized yield and collateral rather than general DeFi momentum. According to a joint report from CoinShares and Token Terminal released Thursday, RWA deposits across DeFi more than tripled year over year to $7.4 billion in Q2 2026, even as total DeFi deposits declined by about 15%.

CoinShares CEO Jean-Marie Mognetti said the split between rising RWA balances and weakening broader DeFi inflows points to demand rooted in functional use cases. In his view, when a category expands while its host ecosystem softens, it is typically because users want financial utility—not because market conditions are broadly improving.

Key takeaways

• RWA deposits in DeFi surged to $7.4 billion in Q2 2026, while overall DeFi deposits fell about 15% year over year.
• Yield-bearing stablecoins and tokenized Treasury products are currently the largest RWA categories used onchain, including Sky Protocol’s sUSDS and BlackRock’s BUIDL.
• RWA spot trading on decentralized exchanges rose about 220% year over year, even though overall DEX volumes dropped roughly 70%.
• Gold-backed tokens and yield-oriented dollar products are central to RWA activity, with traders responding to price moves and yield strategies.
• RWA exposure is extending into derivatives: RWA perpetual futures volumes have continued rising despite a broader slowdown, including on an RWA-focused platform built on Hyperliquid.

RWA deposits rise while DeFi liquidity contracts

The most notable signal in CoinShares and Token Terminal’s report is the divergence between RWA growth and the broader health of DeFi lending and staking liquidity. While total DeFi deposits fell by about 15% year over year, RWA deposits expanded sharply—more than tripling to $7.4 billion in Q2 2026.

This pattern matters because it suggests that RWA onboarding is not simply an extension of generalized risk appetite across crypto. If investors were responding mainly to a favorable overall market cycle, RWA and non-RWA flows would likely track each other more closely. Instead, the report frames RWA growth as being driven by “financial utility” such as collateral value, yield generation, and tradable access to real-world exposure.

CoinShares’ CEO characterized the dynamic as an asset class expanding through a downturn in its host ecosystem—an interpretation consistent with the report’s broader conclusion that RWAs are transitioning into a more durable role inside onchain markets.

Why yield-bearing tokens and Treasuries are winning

Within RWAs, the report identifies yield-bearing stablecoins and tokenized Treasury products as the dominant categories showing meaningful onchain usage. In Q2, Sky Protocol’s sUSDS led the category, giving holders exposure to a yield-generating version of its USDS stablecoin.

Tokenized Treasury funds are also highlighted as a major source of onchain collateral. The report points to BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) among the products being used in decentralized lending markets, where yield-generating assets can play a role in collateral strategies.

CoinShares and Token Terminal further suggest that the RWA landscape currently spans a broad yield spectrum. The report states that RWA products offer yields ranging from about 3.2% to 5.5%, with Treasury-oriented products toward the lower end of that range and higher-yield strategies carrying additional risks.

For investors and DeFi participants, the key takeaway is structural: tokenized Treasuries and yield-bearing stablecoins are not just “wrapped exposure,” but assets designed to plug into DeFi systems where liquidity, collateral management, and yield accounting can be operationally valuable—particularly when broader deposit trends are weakening.

Gold tokens and yield dollars power DEX activity

The report also describes where RWAs show up most clearly in day-to-day trading. On decentralized exchanges, gold-backed tokens and yield-bearing dollar products account for a large share of RWA trading activity.

CoinShares classifies gold-backed stablecoins such as Tether Gold (XAUt) and Paxos Gold (PAXG) as tokenized gold within its RWA reporting framework. The report indicates that these products generate significant trading volume as market participants trade around gold price swings, effectively turning gold exposure into an onchain, secondary-market instrument.

On the dollar side, yield-bearing products such as Ethena’s sUSDe are also described as contributing to RWA spot activity. While RWAs are often discussed in terms of long-horizon investment access, the report emphasizes how trading behavior on DEXs increasingly resembles active market participation—an important distinction from one-time minting and holding.

Supporting that view, the report notes that RWA spot trading volumes rose roughly 220% year over year. This occurred even while overall DEX volumes fell by about 70%, reinforcing the idea that RWAs are gaining traction as tradable assets with a growing secondary-market role, rather than riding broader DEX tailwinds.

RWAs are moving into leveraged derivatives

Beyond spot trading and lending collateral, the report highlights an expansion of RWA exposure into derivatives—particularly perpetual futures, where traders can take leveraged positions without owning the underlying tokenized asset.

RWA perpetual futures trading, the report says, has continued growing despite a broader slowdown in crypto-native derivatives markets. It points to an RWA-focused perpetual futures venue on tradeXYZ, built on Hyperliquid, where trading volume has increased by roughly 20 times since launch.

The report adds that activity has concentrated around commodities and equity index exposure, citing products tied to the S&P 500 and Nasdaq-100, along with technology stocks. Open interest has also been rising, suggesting that participation is not limited to brief bursts of speculation.

For traders and market makers, this matters because derivatives liquidity can change how RWAs are priced and hedged across onchain markets. As leveraged instruments become more common, RWAs may attract a wider range of participants—though it also introduces additional risks typical of leverage and derivatives exposure.

What to watch next

With RWA deposits accelerating while broader DeFi deposits contract, the next question is whether this pattern persists beyond Q2 2026 and whether growth remains concentrated in yield-bearing stablecoins and tokenized Treasuries—or broadens further into other real-world categories. Traders and DeFi users should also watch how expanding derivatives access affects liquidity, hedging behavior, and the risk profile of onchain RWA strategies.

OpenAI has acquired patent assets from AI chip startup Rain AI after earlier negotiations to buy the company ended without an agreement, according to The Information.

OpenAI buys Rain AI patents after failed takeover

OpenAI purchased some of Rain AI’s patents after the companies were unable to complete a broader acquisition, The Information reported. Neither company has publicly disclosed the price, the number of patents transferred, or the technologies covered by the transaction.

Rain AI has nearly ceased operating following the failed takeover talks, according to the report. Most of its employees have also left the startup, although it remains unclear whether any former Rain AI staff joined OpenAI as part of a separate arrangement.

The deal allows OpenAI to obtain selected intellectual property without assuming ownership of the entire company. It may also give the ChatGPT developer access to chip designs or related research that could support its work on AI computing infrastructure.

However, OpenAI has not explained how it plans to use the patents. Any connection between the acquired assets and a future OpenAI chip remains unconfirmed.

Rain AI pursued energy-efficient AI chips

Founded around eight years ago, Rain AI worked on specialized processors designed for artificial intelligence workloads. Its technology focused on lowering the energy and computing costs of training and running AI models.

Rain developed what it called neuromorphic processing units, or NPUs. The company sought to build chips that reproduced some features of the human brain while supporting both AI training and inference.

Rain’s investors included Altman, who made a personal investment in the company. The relationship later drew attention because OpenAI also explored commercial arrangements with the startup.

In 2019, OpenAI signed a nonbinding letter of intent to purchase $51 million worth of Rain AI chips once they became available, according to documents previously reviewed by Wired. The agreement did not result in a completed chip purchase.

Rain later struggled to secure sufficient funding and commercial demand. Reports in 2025 said the company began exploring a sale after a planned $150 million Series B funding round fell through.

Patent deal adds to OpenAI’s hardware push

The Rain AI transaction comes as OpenAI seeks more control over the infrastructure used to develop and operate its models. Advanced AI systems require large numbers of accelerators, considerable electricity and extensive data center capacity.

Purchasing patent assets could help OpenAI bring additional chip expertise in-house or strengthen its position when working with external semiconductor companies. It could also prevent potentially useful technology from disappearing as Rain AI winds down.

The arrangement does not establish that companies backed personally by Altman automatically receive financial support from OpenAI. Instead, the limited patent purchase suggests OpenAI selected specific technological assets after deciding against acquiring Rain AI outright.

Altman’s investment makes the transaction relevant from a governance perspective, although the available reporting does not identify any conflict or describe his involvement in approving the deal.

US oversight expands alongside AI infrastructure

OpenAI’s hardware expansion is unfolding as Washington increases its focus on advanced AI systems and the infrastructure supporting them.

Crypto.news reported in late July that OpenAI and Anthropic were working with the Trump administration on a consistent federal review process for models with advanced cybersecurity or national security capabilities. Despite competing for customers, researchers and computing resources, both companies sought standards that would apply across the industry.

Under the federal framework, developers could provide designated “covered frontier models” to the government for evaluation for up to 30 days before releasing them to other trusted partners. The White House finalized a voluntary framework in early August, though questions remain about which models will qualify.

The Rain AI patent acquisition addresses a different part of OpenAI’s strategy, but both developments reflect the growing importance of U.S.-controlled technology, computing capacity and intellectual property. OpenAI has not announced whether the Rain patents will support an internal chip project, a licensing program or future partnerships.

CFTC Chairman Michael Selig said regulators must give financial innovation room to lead as the global derivatives market enters a new phase of development.

Selig rejects restrictive derivatives rules

Writing in The Economist, Selig argued that regulators should avoid importing or copying rules that could limit competition and prevent new financial products from reaching the market.

“The new era of finance needs innovation, not consensus,” Selig said.

Derivatives, including futures, options and swaps, allow companies, farmers, investors and financial institutions to manage risk and allocate capital. Selig placed the global notional value of those contracts above $1.2 quadrillion, with markets under CFTC supervision accounting for nearly half of the total.

The chairman said U.S. leadership developed through market competition, strong institutions, effective oversight and openness to new technology. Regulators in other countries have consequently treated the CFTC’s approach as a model for derivatives supervision.

However, Selig warned that international regulatory consensus should not become a reason for the United States to adopt restrictive frameworks. His position suggests the agency will weigh market efficiency and competitiveness alongside consumer protection when considering new products.

CFTC expands its innovation-focused agenda

Selig’s remarks extend the approach he outlined after becoming the CFTC’s 16th chairman in December 2025. In his first public address, he called for clear rules, principles-based oversight and “permissionless innovation.”

The chairman has also instructed staff to use the agency’s existing authority to modernize its regulations while Congress considers legislation that could expand the CFTC’s role in digital asset markets.

Under Project Crypto, the CFTC is working with the Securities and Exchange Commission to coordinate the treatment of products that cross traditional regulatory boundaries. Selig has said the initiative should create durable rules for crypto trading platforms and other emerging markets.

Still, the agency has said innovation will not replace its core responsibilities. In his January address, Selig identified investor protection, anti-fraud rules, market integrity and safeguards against manipulation as continuing priorities. The CFTC described the policy as an effort to modernize regulation without abandoning those principles.

Prediction markets test innovation and enforcement

Prediction markets provide an early test of that balance. Binance.US plans to apply for a designated contract market license that could allow it to list federally regulated event contracts, futures and options for retail customers.

Chief Executive Stephen Gregory disclosed the plan during the Rare Evo conference in Las Vegas. The exchange was expected to submit its application in August, although CFTC approval is not guaranteed.

A successful application would move Binance.US beyond spot cryptocurrency trading and place its event contracts under direct federal supervision. Designated contract markets must meet CFTC requirements covering system safeguards, recordkeeping, conflicts of interest and market monitoring.

Meanwhile, the regulator has continued pursuing misconduct on existing platforms. Former U.S. Representative George Santos recently settled a CFTC case involving Kalshi contracts tied to whether he would attend President Donald Trump’s State of the Union address.

The CFTC’s July 31 order required Santos to return $17,569.98 in profits, pay a $17,500 penalty and accept a three-year ban from trading on CFTC-registered markets. Santos neither admitted nor denied the agency’s findings.

What Selig’s approach means for US markets

Selig’s position could support more crypto derivatives, tokenized products and prediction contracts entering regulated U.S. venues. It may also encourage financial companies to pursue federal registration instead of launching products offshore or operating through less defined legal structures.

The key question will be how the CFTC converts its innovation-focused language into licensing decisions and formal rules. Applications from companies such as Binance.US will show how much flexibility the agency is prepared to offer while protecting retail traders and preserving market integrity.

Selig said the United States intends to remain influential in setting global derivatives standards. That leadership will depend on whether the CFTC can expand access to new products without weakening its response to fraud and manipulation.

Bitcoin miner MARA swung to a net loss of $611.3 million from a year-earlier profit in the second quarter of 2026, driven primarily by a change in the value of its Bitcoin holdings, despite reporting its highest quarterly Bitcoin production in more than a year. 

The net loss, equivalent to $1.60 per diluted share, is down compared to a net income of $808.2 million, or $1.84 per diluted share, in the second quarter of 2025, according to the company’s 10-Q SEC filing. MARA mined 2,422 Bitcoin in the quarter, 3% more than the prior year period, but higher production was more than offset by a 28% decline in the average Bitcoin price. 

“Two things defined Q2 for MARA. Bitcoin prices created a challenging revenue environment [and] we used the quarter to fundamentally transform our power portfolio and capital structure,” said MARA chief financial officer Salman Khan during an earnings call on Thursday.  

The quarter highlights MARA’s exposure to Bitcoin prices even as it expands mining capacity and pursues AI and high-performance computing infrastructure. As of June 30, MARA held a total of 35,577 Bitcoin, with a total fair value of $2.1 billion, making it the fourth-largest public Bitcoin holder after Strategy, Twenty One Capital and Metaplanet. 

MARA eyes continued AI expansion 

In February, the company acquired a majority stake in Exaion SaS, which operates high-performance computing (HPC) data centers and secure cloud and AI infrastructure.

In the same month, MARA also announced a partnership with Starwood Capital Group and its data center development platform Starwood Digital Ventures to enable the conversion of select MARA sites to meet demand from “enterprise, hyperscale and AI customers.” 

Related: Bitcoin miners’ AI pivot loses Wall Street’s wow factor 

MARA said it is targeting at least two AI/HPC lease signings by year-end. 

“Working alongside Starwood, we are progressing lease discussions across multiple sites, and we remain confident in our ability to sign at least 2 leases before year-end,” MARA CEO Fred Thiel said on Thursday. 

In July, MARA also agreed to acquire a 1,200-acre powered land site in Matagorda County, Texas, with expected access to up to 2 gigawatts of grid capacity by April 2028. The company said it intends to develop the site for AI and HPC workloads as well as Bitcoin mining. 

MARA’s expansion plans also include its pending acquisition of Long Ridge Energy & Power in Ohio, a $1.5 billion deal that MARA has said could support up to 600 megawatts of AI and critical-IT load over time.

Related: Galaxy, MARA Holdings deepen Texas expansion with land acquisitions

Bitcoin mining remains foundational

In a letter to shareholders on Thursday, Thiel said Bitcoin mining still represents the core of MARA’s business and will continue to generate cash flow that supports its other investments. 

“Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses,” said Thiel.

“Our capital allocation philosophy remains straightforward. Every megawatt should be deployed into its highest-value application. In some markets, that will continue to be Bitcoin mining. In others, it will be AI infrastructure, sovereign cloud, or enterprise computing.”

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The U.S. Senate will not vote on the crypto market structure bill before it breaks for the rest of the month, but industry leaders still hope for a vote in September, when the Senate returns to Washington, D.C., multiple individuals following the legislation told CoinDesk.

The crypto industry hoped that the Senate would stay in session for a few more days to resolve outstanding issues, including the Digital Asset Market Clarity Act, but Senators from both parties had major unresolved issues on the legislation. The Senate will return to D.C. on Sept. 14, 2026, and will have three weeks to work on this and other outstanding issues then.

The Senate will hold votes on a continuing resolution to fund the federal government through the midterm election; a Russia sanctions bill championed by and now named after Senator Lindsey Graham and a group of nominations on Friday morning, the last day before it is scheduled to leave.

Politico first reported late Thursday that the Senate did not expect to hold a first vote on Clarity before the recess.

ElizaOS fell 19% over 24 hours to an all-time low after Eliza Labs founder Shaw Walters said the token was “dead” and that the Eliza Foundation was winding down. 

CoinGecko data showed the token trading at $0.000285 at the time of writing after touching a record low of $0.000284 on Thursday with a market capitalization of $2.1 million.

The drop came after an announcement from Walters that the foundation was winding down. “The token is dead. Completely,” Walters said, adding that he no longer owned or supported the token. He said the development of the open-source Eliza software would continue without the token or the foundation. 

The decline represents a stark reversal for one of the AI-agent sector’s former breakout tokens. Before the project rebranded as ElizaOS, the token, then known as AI16Z, reached a peak market capitalization of $2.5 billion in January 2025, according to CoinGecko.

ElizaOS’ 24-hour price chart. Source: CoinGecko

Founder blames lawsuit and token culture

Walters said Eliza Labs privately settled with a group of tokenholders represented by Burwick Law by agreeing to give them its remaining treasury and funds.

He called the suit “ridiculous” but said the project lacked the capital to continue fighting it. 

The lawsuit, filed in April, named Eliza Labs, Walters, Sebastian Quinn-Watson and the AI16Z DAO as defendants. It alleged false advertising, deceptive practices, negligent misrepresentation and unjust enrichment.

Court records show the named plaintiff’s claims were dismissed with prejudice by stipulation on July 8, while the proposed class’s claims were dismissed without prejudice.

Cointelegraph contacted Walters and Burwick Law founder Max Burwick for comment but had not received a response by the time of publication. 

Related: Not every AI agent needs its own cryptocurrency: CZ

Walters said there were no more funds for token buybacks and no foundation or future supply intervention to support the token. 

He also said he would not allow another token to be associated with Eliza while continuing to build its underlying operating system. 

“I am starting over, since I own the IP, and I am never letting a token come close to Eliza again […] I’m never going to support an Eliza token,” he wrote. 

ElizaOS is an open-source framework for building and managing AI agents. The project launched in October 2024 as ai16z with an initial goal of raising $75,000 to build an autonomous investor. 

In January 2025, it rebranded to ElizaOS after Andreessen Horowitz raised concerns about confusion with its a16z brand. The token was also later migrated. 

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