Key takeaways
- Aviva tokenizes shares in its £22 billion fund
- New sterling share class launches with £50 million
- Combined XRP Ledger fund investments exceed £86 million
Ripple has helped Aviva Investors launch a tokenized share class of its largest investment fund on the XRP Ledger, extending the British asset manager's blockchain strategy into a £22 billion sterling money-market portfolio.
The new product begins with £50 million in investment, bringing combined holdings across Aviva's two tokenized share classes to more than £86 million, or approximately $116 million.
According to Ripple's October 26 announcement, the launch follows Aviva's first tokenized money-market product in July, marking its second live fund offering on XRPL.
Aviva Expands XRP Ledger Tokenization Into Its Largest Fund
The new share class belongs to the Aviva Investors Sterling Liquidity Fund, an Ireland-domiciled UCITS money-market fund originally launched in 2002.
The conventional fund manages approximately £22 billion and invests in high-quality, short-term sterling-denominated debt instruments, aiming to provide relatively low-risk returns and daily liquidity.
Importantly, the entire £22 billion portfolio has not been transferred onto the XRP Ledger. Instead, investors can access a tokenized representation of shares in the existing fund.
Aviva has invested £50 million in the new share class, while its combined sterling and dollar tokenized offerings now exceed £86 million.
The expansion builds on Aviva's earlier Ripple partnership, announced in February, and the first fund launch in July.
How Ripple and BNY Support Aviva's Tokenized Shares
Aviva uses a digital-twin structure, meaning blockchain tokens represent holdings in an existing regulated investment fund rather than a newly created cryptocurrency.
The underlying assets remain with BNY as fund custodian. Komainu provides regulated digital-asset custody, while Licuido supplies the tokenization infrastructure.
Eligible investors can access the tokenized shares through digital wallets while retaining the conventional fund's investment objective, risk profile, liquidity characteristics and regulatory protections.
The model resembles other institutional deployments, including Brazil's CSD BR initiative, which mirrors existing securities records on XRPL without transferring the entire underlying market onto blockchain infrastructure.
Ripple has also invested in companies such as Licuido to develop a broader tokenization infrastructure for asset managers.
What Aviva's Expansion Means for XRP Ledger Adoption
The launch brings another established financial institution into XRPL's growing real-world asset ecosystem.
Earlier this month, Franklin Templeton issued approximately $150 million in additional tokenized fund shares on XRPL, bringing its recorded holdings near $200 million.
The two developments demonstrate increasing institutional interest in representing regulated money-market fund investments on public blockchain infrastructure.
However, Aviva's tokenized shares do not represent purchases of £86 million worth of XRP, and the announcement does not establish a direct price benefit for the cryptocurrency.
XRPL transactions require XRP for network fees, but those costs are comparatively small.
The network has also supported tokenized Treasury settlement experiments involving Ripple, Mastercard, Ondo and JPMorgan.
