Assets Under Management

The size of the tokenized asset, used as a proxy for adoption and secondary-market depth: a smaller asset carries more exit and adoption risk. For tokenized assets (funds, credit, real estate, equities) AUM is scored on absolute size bands, in contrast to the peer-relative Market Cap ratio used for peg tokens (stablecoins, LSTs). It is a size signal, not a return measure, for a constant-NAV fund, AUM says nothing about investor return. Absolute bands are used because AUM has an intrinsic, category-independent meaning ($100M and $500M map to real redemption depth, secondary liquidity, and operational resilience), and the tokenized-asset categories are highly skewed, a handful of names hold most of the AUM, so a peer ratio sits far above the typical asset and biases the category toward penalties.

Tier	Reasoning	Evidence
≥ $500M	Deep redemption depth and secondary liquidity, a large natural arbitrageur base, and the operational resources for audits, incident response, and controls. No size penalty at this scale.	Category leaders such as BlackRock BUIDL and the largest tokenized Treasury funds sit here; scale correlates with continuous regulatory and counterparty scrutiny.
$100M to $500M	Functional scale with meaningful adoption, but thinner redemption depth: a single large redemption is a meaningful share of flow, and secondary liquidity is shallower than category leaders.	Mid-sized fund tokens with institutional integrations but a modest holder base.
< $100M	The hard floor below which an asset is ineligible for the neutral read, whatever its class: thin secondary depth amplifies exits into runs, and limited operational budget constrains controls.	Newly-launched or niche fund tokens; small relative scale within a category produces thin secondary-market depth and weak arbitrage support that amplify losses under redemption pressure.