Aviva Investors has launched a tokenized share class of its US Dollar Liquidity Fund on the XRP Ledger, moving its Ripple partnership into production.
Summary
- Aviva Investors launched its first tokenized fund structure on the XRP Ledger.
- The Ireland-domiciled fund received Central Bank of Ireland approval for its new share class.
- Eligible investors can access the fund through digital wallets while BNY Mellon holds the underlying assets.
- XRP Ledger hosts approximately $4.37 billion in distributed and represented real-world assets.
Aviva brings its USD liquidity fund to XRPL
Aviva Investors and Ripple announced the launch on July 29, following a tokenization partnership disclosed in February. The product is a new share class of the Aviva Investors US Dollar Liquidity Fund, an Ireland-domiciled UCITS money market fund launched in its traditional form in 2020.
The companies are using a “digital twin” structure. Fund holdings are represented on the XRP Ledger, while the existing off-chain fund and its regulated framework remain in place.
Eligible investors with approved digital wallets will receive the same investment objective, risk profile, liquidity terms and regulatory protections available through the conventional share class, according to the launch announcement.
Mark Versey, CEO of Aviva Investors, described the launch as the asset manager’s first step into tokenized funds.
“It is our view that this trend will increase efficiency and ultimately lead to improved client outcomes.”
Central Bank of Ireland approves tokenized share class
The Central Bank of Ireland approved the new share class, allowing the product to operate within the fund’s existing regulated structure.
Aviva said the fund targets low-risk returns and daily liquidity through high-grade, short-term debt instruments denominated in US dollars. BNY Mellon will continue holding the fund’s underlying assets, separating regulated custody from the blockchain record representing investor holdings.
Komainu, a regulated digital asset custodian, supported the blockchain infrastructure, while Licuido provided technology for tokenizing the fund. The structure lets Aviva issue and manage fund shares on XRPL without moving the underlying securities directly onto the network.
For US investors, the fund’s dollar denomination does not automatically make it available in the United States. Access remains limited to eligible investors and depends on local securities rules, distribution approvals and Aviva’s onboarding requirements. The announcement did not identify a US retail offering or approval from the Securities and Exchange Commission.
Ripple expands its institutional product strategy
The launch turns Ripple’s first partnership with a European investment manager into a live product. When the firms announced their agreement in February, they said they intended to work together throughout 2026 and beyond on bringing regulated funds to XRPL.
Ripple has also expanded other parts of its institutional infrastructure. Last week, the company launched Ripple Mint, giving approved customers a direct channel to issue, redeem, bridge and track its Ripple USD stablecoin.
Ripple separately invested in compliance firm Notabene, which operates a payment and transaction network for regulated businesses. Together, the updates address token issuance, distribution and compliance rather than relying on a single blockchain product.
SBI Holdings, a long-time Ripple partner, is also broadening its blockchain exposure. The Japanese financial group recently renamed SBI Security Solutions as SBI Digital Practice and repositioned the subsidiary around the Canton Network. The move extends SBI’s institutional on-chain strategy beyond Ripple and XRPL.
XRP Ledger holds $4.37B in tokenized assets
The Aviva fund joins a growing group of tokenized financial products represented on XRPL.
RWA.xyz data showed $313.3 million in distributed assets and $4.06 billion in represented assets on the network as of July 29. Together, those categories placed XRPL’s tracked real-world asset value at approximately $4.37 billion.
The number of RWA holders increased 17.42% during the previous 30 days to 182. However, distributed asset value fell 5.24%, while represented value declined 0.47% over the same period.
XRPL also held $952.25 million in stablecoins, including about $907.2 million attributed to RLUSD. Adding stablecoins to the network’s distributed and represented RWA figures would put the broader tracked total above $5.3 billion, although RWA.xyz lists the categories separately.
Aviva and Ripple have not disclosed the initial value of shares issued through the tokenized class. Future growth will depend on investor onboarding and whether Aviva expands the model to other funds under the partnership.
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