Are smaller RWA tokens actually building or just riding the narrative?

I’ve been following the RWA trend for a while now — most of the attention seems to go to the bigger plays like ONDO, Maker’s real-world vaults, or projects tokenizing treasuries. But I’ve been more curious about the smaller caps in this space and whether any are actually building something new, or just attaching the RWA label to feel relevant.

One project I came across recently is REM, listed on MEXC. It stood out a bit because it’s not trying to tokenize government bonds or real estate in a passive way — instead, it’s going after real-world services and infrastructure in emerging markets. Their pitch is essentially fractional ownership of tangible, income-producing assets — kind of like real estate, but with a broader scope (think logistics, utilities, etc.). They’re still super early, but I found it interesting that they’re trying to build a full platform for this, not just issue tokens and hope for the best.

To be clear, I’m not claiming it’s the next big thing — just something that made me pause since most low-cap RWAs I’ve looked at feel pretty surface-level. I’m trying to build a watchlist of microcaps in this category that have a long-term approach and real-world connections.

So my question:
Are there any other early-stage RWA projects you’ve found that aren’t just copying the same playbook? Ones with a real value proposition or a fresh angle? And if you’ve looked into REM or similar projects, curious to hear what stood out (or didn’t).

Not looking for hype — just thoughtful discussion. The RWA narrative feels like it’s sticking around, but I’m trying to figure out where the actual innovation is happening beyond the big names.