What are the best low-cap RWA tokens with actual utility — not just tokenized bonds?

The Real World Asset (RWA) narrative is gaining serious momentum, but most of the capital and attention still seem locked into large institutional plays—things like tokenized treasuries, invoice financing, or U.S. real estate. While those use cases are valid, I’ve been exploring smaller projects and noticed a clear gap: very few are focused on making RWAs accessible and useful for everyday people, especially in emerging markets where the tech could solve real problems.

One project that stood out to me is REM. It’s not just another wrapper for financial instruments—REM focuses on tokenizing real-world services and infrastructure like logistics, utilities, and land-based operations. The team is doxed, active, and appears to be working with real-world partners to bridge blockchain with practical, on-the-ground use. What I find compelling is how REM seems more focused on actual delivery than building hype.

Curious what other low-cap RWA tokens you’re watching that are building for real utility, not just financial speculation.