Franklin Templeton's tokenized Money Market Fund BENJI earned ~$121k in management fees in August but paid only $28 in gas (0.02%). The direct revenue from most RWAs can be minimal. To understand their real value to a blockchain ecosystem, we can classify them: Platinum Tier – High Velocity • Assets integrated with high-transaction activities like payments or trading • Example: Stablecoins or tokenized stocks Gold Tier – Highly Composable • RWAs powering high-velocity activities like stablecoins, credit, derivatives, or settlement, adding transparency vs off-chain collateral • Brings network effects: trust, branding, institutional adoption • Example: Securitize’s BUIDL as USDtb collateral Silver Tier – Distributed & Primary Market Focused • Onboards large user bases onchain but limited composability • Example: Spiko’s USTBL/EUTBL Bronze Tier – Low Activity • Few holders, zero on-chain transactions, low primary market volume • Only for inflating RWA metrics for social media Not all RWAs are created equal. On-chain velocity, composability, and utility matter far more than headline AUM.