Aave V3 currently accounts for 64.1% of the tokenized U.S. Treasury market deployed across DeFi protocols, according to a Techub report citing CryptoBriefing. Even with that lead, actual onchain use remains limited: only 0.7% of the broader tokenized Treasury market is being actively used in decentralized lending protocols. The report said the tokenized U.S. Treasury market has reached about $16.19 billion in total size. Among individual products, Circle’s USYC leads with $3 billion, followed by BlackRock’s BUIDL at $2.7 billion. Market analysts said the low level of DeFi deployment is tied to the yield profile of the assets themselves. Because tokenized Treasuries already offer competitive returns, institutions have less incentive to place them into DeFi protocols and take on additional smart contract risk. That dynamic, the report noted, has kept real utilization in decentralized lending relatively low despite continued growth in the tokenized Treasury segment.

Neuberger, an asset manager with about $613 billion under management, has launched its first tokenized fixed-income fund through Securitize. The Neuberger Securitize High Income Tokenized Fund, or HINC, will run an actively managed high-yield strategy across Ethereum, Solana, Avalanche and Sui, and is available to qualified investors. According to Tuesday’s announcement, the fund will invest mainly in high-yield bonds, with additional exposure to collateralized loan obligations and leveraged loans. Neuberger is acting as subadvisor to a tokenized fund for the first time, while Securitize is handling the infrastructure for issuing and managing tokenized shares on the four blockchain networks. The launch comes as investors seek higher yields during a period of intense competition for corporate and government funding. Cointelegraph also cited RWA.xyz data showing Securitize has about $4.96 billion in distributed asset value across 26 tokenized real-world assets, including BlackRock’s $2.7 billion BUIDL fund, a $355 million tokenized AAA CLO fund and a $95 million Apollo diversified credit fund.

A busy week across crypto projects brought updates in protocol design, governance, lending products, wallet security and payment infrastructure. Robinhood Chain posted $3.13 million in daily NFT volume, overtaking Ethereum, while its average daily transactions hit 11.6 million and TVL rose to $473 million. ENS token holders passed and executed the “Next Era of ENS DAO” proposal, turning ENS Foundation into a formal operating body with a full-time executive director, staff and a five-member board. On Solana, Jupiter rolled out Lend v2, a lending upgrade that lets deposited and borrowed assets also serve as trading liquidity. Other notable developments included Ethereum Foundation researcher Justin Drake saying Ethereum L1 will stop pursuing Poseidon and instead move toward SHA or BLAKE-based hashing options; Hyperliquid outlining a plan to route idle HLP USDC into its native lending pool; Uniswap redirecting creator fees tied to a test token into an automatic buyback-and-burn contract; UniSat raising the default seed phrase length for new wallets from 12 words to 24; a USENIX study finding security-rule violations across 15 x402 payment providers; MegaETH’s native stablecoin USDm dropping to roughly $18 million in supply from a peak near $600 million in May; and World Liberty Financial delaying a yield-token launch tied to a Trump-branded Maldives resort project.

Solana posted the largest net inflow into tokenized U.S. Treasuries over the past 30 days, reaching $378 million, according to Techub, which cited CryptoBriefing. The figure made Solana the fastest-growing blockchain in this segment during the period. As of Aug. 15, the total market for tokenized Treasuries had reached $16.23 billion, with Solana, Ethereum and BNB Chain listed as the main contributors to that growth. Solana has also attracted several major products in the category, including BlackRock’s BUIDL fund, Ondo Finance’s USDY and Galaxy Digital’s SWEEP. Ethereum still holds the lead in overall market share at about 43%, but the sector has expanded sharply from less than $1 billion at the start of 2024 to its current size. Nearly 18 blockchain networks are now participating in the tokenized Treasury market, pointing to broader multi-chain adoption as the category continues to scale.

OpenEden’s token EDEN posted a sharp rally after South Korea’s largest crypto exchange, Upbit, listed the asset on Aug. 10. The real move came on Aug. 14, when EDEN surged 92.04% in a single day and briefly reached $0.086. Even so, the token remains far below the $1.4 opening level seen when it debuted on Binance on Sept. 30, 2025, and still sits under one-tenth of that peak. The price action has put renewed attention on a long-running question around OpenEden’s model: why has growth in underlying real-world assets not translated into stronger token value? Founded in 2022 by former Gemini Asia Pacific executives Jeremy Ng and Eugene Ng, OpenEden built a compliant on-chain infrastructure focused on tokenized U.S. Treasuries and other fixed-income products. Its main offerings now include TBILL, USDO and HYBOND, with TBILL alone holding about $253 million in TVL. Revenue data helps explain the disconnect. According to DefiLlama, TBILL generates around $310,000 in annualized revenue, while OpenEden’s total revenue in the second quarter of 2026 came to $431,000. Of that, $292,000 came from underlying asset yield, while management fee revenue was only $39,600. Most of the economic value flows to holders of TBILL and USDO, not to the protocol itself. EDEN, for its part, is used for governance, staking and ecosystem incentives, with no direct claim on protocol revenue.

A fresh delay by the U.S. Securities and Exchange Commission on its tokenized securities agenda weighed on both crypto-linked equities and parts of the digital asset market on Friday. Shares of companies with exposure to tokenization moved lower, including Bullish, Figure, Coinbase, Circle and Securitize, the issuer behind BlackRock’s tokenized fund BUIDL. The market reaction followed another postponement of the SEC’s closely watched “innovation exemption” proposal, which had been seen as a possible path to lower regulatory barriers for issuing and trading tokenized securities. The agency also canceled a related meeting that had been scheduled to discuss whether to introduce a new framework for investment contracts tied to some crypto assets. The regulatory setback spilled into tokens as well, with Uniswap’s UNI falling about 7% over the past 24 hours and ranking among the weakest performers in the CoinDesk 20 index. Clear Street senior analyst Owen Lau said the delay acts as a “speed bump” for the tokenization sector, while stopping short of changing its long-term direction. Investors are now watching for clearer U.S. rules on tokenized securities and whether debate around the CLARITY Act and the scope of SEC authority will shape the next stage of industry development.

An article published by MarsBit and written by Decentralised.co argues that stablecoins are doing more than extending the dollar’s monetary reach. They are carrying the operating logic of U.S. finance into global markets. The piece frames blockchain rails as infrastructure for exporting American institutions, using three lenses: cross-border trade payments, tokenized assets, and on-chain credit. It points to a stablecoin supply of about $315 billion, Tether’s roughly $141 billion in direct and indirect U.S. Treasury exposure, and a reported $7.2 trillion in stablecoin settlement volume in February 2026, a month that allegedly surpassed the U.S. ACH network. From there, the article maps how tokenized treasuries, money market funds, stocks, private credit, and even GPU-backed loans are being connected to global pools of dollar liquidity. The report highlights examples including Centrifuge, BlackRock’s BUIDL, Ondo, Securitize, Superstate, Keyrails, SemiLiquid, and USD.AI. In each case, the common thread is not simply blockchain-based efficiency. It is the creation of systems that translate local context into forms global dollar capital can understand, price, and finance. The article’s conclusion is that crypto’s next phase may lie less in trading and speculation, and more in becoming operating infrastructure for real-world capital formation.

Selling blockspace is no longer a strong standalone business for blockchain networks, according to a new analysis from Castle Labs Research translated by TechFlow and published by MarsBit. As infrastructure gets cheaper and more interchangeable, the gap between application fees and chain-level fees keeps widening, leaving many networks with growing usage but weaker direct revenue capture. The report groups recent responses into two tracks. One is ecosystem expansion, where chains such as Arbitrum and Polygon try to earn more through infrastructure distribution, payments, and revenue-sharing arrangements. The other is product expansion, where networks such as MegaETH and Sophon move closer to the application layer and try to internalize value that would otherwise accrue to third-party builders. The piece highlights Arbitrum Stack’s revenue share from Robinhood’s L2, Timeboost’s treasury contribution, Polygon’s role in stablecoin payments, MegaETH’s first-party app strategy and USDm stablecoin model, and Sophon’s shift away from operating its own chain. The broader argument is that chains are no longer content to remain neutral infrastructure providers. More of them are trying to become ecosystem operators, application owners, or both, as they search for revenue models that can better support token value and long-term sustainability.