According to this TechNet article, Microsoft has finally completed the rollout of Encryption at Rest for OneDrive for Business and SharePoint Online.
https://technet.microsoft.com/en-us/library/dn905447(v=office.15).aspx
"Every step of this encryption uses Advanced Encryption Standard (AES) with 256-bit keys and is Federal Information Processing Standard (FIPS) 140-2 compliant."
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