Aviva Investors, the asset management arm of UK-based insurer Aviva, has launched a tokenized share class of its Sterling (GBP) Liquidity Fund on the XRP Ledger (XRPL), according to a joint announcement by Ripple and Aviva on Monday.

The move adds a tokenized share class of the asset manager's largest fund, which holds approximately 22 billion British pounds ($29.4 billion) in assets under management, and allows investors to access the fund in tokenized format. Aviva also committed a 50-million-pound investment in the Sterling Liquidity Fund's new tokenized share class, according to the joint announcement.

It marks the firm's second tokenized fund, after Aviva expanded its USD Liquidity Fund to the XRPL network earlier in July. Aviva said the two offerings make it one of Europe's largest asset management providers of tokenized money market funds, with about 86 million pounds invested across its two tokenized share classes — a figure that remains a small fraction of the Sterling fund's 22-billion-pound pool, underscoring how early tokenized offerings still are within the lineup of a large traditional asset manager.

The expansion forms part of a broader collaboration between Aviva and Ripple that seeks to bring additional tokenized funds to the XRP Ledger. Together, the sterling and dollar share classes give investors tokenized money market exposure in two of the world's major currencies, and any further launches under the collaboration would broaden the ledger's roster of traditional funds available in on-chain form.

Tokenized share classes represent fund units on a blockchain, enabling on-chain subscription, transfer, and settlement alongside traditional fund infrastructure. Money market funds, which invest in short-term, low-risk debt instruments, have emerged as a leading category of real-world asset (RWA) tokenization — the practice of representing traditional financial assets as blockchain-based tokens — with major asset managers such as BlackRock and Franklin Templeton offering tokenized versions on public blockchains. Their cash-like profile has made tokenized money market funds a common entry point for institutions experimenting with on-chain assets.

The XRP Ledger is a public blockchain launched in 2012, best known for association with the XRP token and cross-border payments. According to RWA.xyz data, it ranks as the ninth-largest blockchain network for tokenized assets, with $642 million in total distributed real-world asset value and about 2,900 unique holders — totals that remain a fraction of the value on Ethereum, which tops RWA.xyz's rankings.

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