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

Aviva Investors and Ripple launched a tokenized share class of Aviva’s £22 billion Sterling Liquidity Fund on the XRP Ledger on 26 October. The Aviva Investors announcement says the new class lets eligible investors hold fund shares in tokenized form, while the underlying fund keeps its existing structure.

• Fund assets: about £22 billion ($29.4 billion).
• Aviva’s investment in the new class: £50 million ($66 million).
• Total invested across its two tokenized fund classes: more than £86 million ($116 million).
• The first class, for Aviva’s US dollar fund, launched in July 2026.

What does the tokenized share class change?

The tokenized shares represent holdings in the existing fund. Aviva calls this a “digital twin” model: investor holdings are represented on the blockchain, while the fund itself continues to operate off-chain. A share class is a distinct set of shares within a fund.

The fund is an Ireland-domiciled UCITS money market fund. UCITS is a European framework for regulated investment funds. Aviva says the tokenized class has the same investment objective, risk profile, liquidity features and regulatory protections as the conventional fund.

The distinction matters: this is not a new fund investing in XRP or other crypto assets. The Sterling Liquidity Fund, launched in 2002, invests in high-grade, short-term debt denominated in pounds. It targets low-risk returns and offers daily liquidity, according to Aviva.

Who holds the assets, and who can access the shares?

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

The XRP Ledger provides the record for the tokenized shares. Aviva says the network will be used to issue and manage the class through blockchain transactions. Its announcement does not specify how investors subscribe for or redeem these shares, or whether the tokens can be transferred between wallets.

Aviva says the structure is designed to work within existing regulatory frameworks. The company described the tokenized class as an additional digital access layer, not a change to the underlying fund’s investment strategy or protections.

How does this fit Aviva’s tokenization plans?

This is Aviva Investors’ second tokenized fund share class. It follows the firm’s US dollar Liquidity Fund class, launched on the XRP Ledger in July. The two offerings have more than £86 million invested across them, according to the firm.

The Block’s report on the launch puts the sterling fund’s size at $29.4 billion and its new class investment at $66.7 million. It also reports that Aviva’s earlier dollar class received approval from the Central Bank of Ireland.

Aviva Investors CEO Mark Versey said tokenized funds could increase efficiency and improve client outcomes. The company said it plans to keep exploring tokenization with Ripple, but did not announce another fund or a timetable for further launches.

Sources and documents

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