Aviva and Ripple put £22bn sterling fund on XRP Ledger

Aviva Investors and Ripple launched a tokenised share class of Aviva’s £22 billion Sterling Liquidity Fund on the XRP Ledger on 26 October, with Aviva investing £50 million in the new offering.

• More than £86 million is invested across Aviva Investors’ two tokenised share classes.
• The sterling fund dates to 2002 and targets daily liquidity.
• The new class is available to eligible investors with digital wallets.
• Aviva’s first tokenised fund, a US dollar liquidity fund, launched in July.

Aviva Investors said the new class lets investors access the fund in tokenised form on the XRP Ledger. In its launch announcement, the asset manager described the £22 billion fund as its largest. The Block also reported the launch and the £50 million investment.

What does the tokenised share class represent?

It represents holdings in the existing fund, rather than putting the fund’s portfolio on a blockchain. Aviva calls this a “digital twin” model: investors’ holdings are represented on-chain, while the fund itself and its structure remain off-chain.

The fund is an Ireland-domiciled UCITS money market fund. It invests in high-grade, short-term debt denominated in sterling and targets low-risk returns and daily liquidity, according to Aviva. The manager says the tokenised shares have the same investment objective, risk profile, liquidity characteristics and regulatory protections as conventional shares in the fund.

Tokenisation means representing an asset or holding as a digital token on a blockchain. Here, the token is a way to access a share class in the fund; Aviva’s announcement does not describe it as a token giving investors direct ownership of the fund’s underlying debt.

Who holds the assets and who can invest?

Eligible investors with digital wallets can access the share class. The Bank of New York Mellon holds the fund’s assets, while regulated digital asset custodian Komainu and infrastructure provider Licuido supported the launch, Aviva said.

The Block’s report on the launch says the fund continues to operate off-chain under the digital twin model. That distinction matters: the £22 billion figure describes the whole sterling fund, not the value of this new tokenised class. Aviva disclosed a £50 million investment in the new class but did not give its total assets or the number of outside investors.

How does this extend Aviva’s Ripple partnership?

This is the second Aviva Investors fund to receive a tokenised share class on the XRP Ledger. The firm launched a tokenised class of its US dollar Liquidity Fund in July 2026, following a February partnership with Ripple to bring traditional fund structures onto the ledger.

The new offering brings the sterling fund into that programme. Aviva said more than £86 million is invested across its two tokenised share classes, including the £50 million it put into the sterling class. It did not break out the remaining amount by fund or investor.

The sterling fund offers daily liquidity, but the announcement does not specify whether tokenisation changes dealing times or how investors can transfer their holdings. It says the class is designed to operate within existing regulatory frameworks and retains the conventional fund’s stated liquidity characteristics and protections.

Sources and documents

• launch announcement — avivainvestors.com
• Block’s report on the launch — theblock.co