Aviva Investors has launched its first tokenized fund share class in collaboration with Ripple, bringing its USD Liquidity Fund onto the XRP Ledger (XRPL). The companies announced the product on July 29 following regulatory approval from the Central Bank of Ireland, granting eligible investors access to the fund through digital wallets. The move places Aviva among a growing roster of global asset managers—including BlackRock, which launched its BUIDL tokenized liquidity fund on Ethereum, and Franklin Templeton, which has tokenized money market products across multiple blockchains—that have brought regulated investment products onto distributed ledger networks.

The initiative converts a traditional fund—originally launched in 2020—into a blockchain-based share class. Investors retain the same investment objective, risk profile, liquidity terms, and regulatory protections as holders of the conventional product.

Ripple powers the new tokenised share class for @AvivaInvestors' USD Liquidity Fund: 🔹 Issued on the #XRP Ledger 📒 🔹 Custody by @KomainuAUM & tech by Licuido 🔹 Approved by the Central Bank of Ireland 🔹 Assets held by BNY (@BNYMellon) pic.twitter.com/VOqW79fidJ
— 𝗕𝗮𝗻𝗸𝗫𝗥𝗣 (@BankXRP) July 29, 2026

Tokenization Infrastructure and Custody

Aviva stated that the portfolio targets low-risk returns with daily liquidity through high-grade, short-term debt denominated in US dollars. BNY Mellon serves as custodian of the underlying assets, while tokenized units are made available to eligible wallet users.

The Central Bank of Ireland granted approval for the new class. Ireland is one of Europe's largest fund domiciles, regulating thousands of UCITS and alternative investment funds, and its regulatory signoff carries weight across EU markets. Komainu provided regulated institutional custody, and Licuido delivered the infrastructure used to tokenize the fund.

February Partnership and Strategic Context

The launch stems from a partnership Aviva and Ripple disclosed in February, focused on bringing traditional investment products onto XRPL. Ripple described the collaboration as its first with a European investment management company. Under the February agreement, both firms committed to working together into 2026 and beyond, with Aviva planning to incorporate tokenized solutions across its existing product portfolio.

XRPL handles the issuance and administration of the digital share class. While Ethereum-based networks have hosted the majority of institutional tokenization deployments to date, XRPL is positioning itself as an alternative for regulated financial products, leveraging its established track record in cross-border payments and built-in compliance features. According to Aviva, the network delivers fast and cost-effective transaction services for regulated financial institutions within the existing legal framework.

XRPL Network Statistics

XRPL has processed more than four billion transactions since 2012. In July, the company highlighted that the network currently supports more than eight million active wallets and over 130 independent validators.

Aviva CEO Mark Versey emphasized that Ripple played a significant role in the project and indicated the manager would explore other tokenized fund structures going forward. Ripple executive Nigel Khakoo stated that the product launch demonstrated that a regulated investment product can operate on live blockchain architecture.

Expanding RWA Activity on XRPL

On July 30, data from RWA.xyz showed $313.30 million in distributed assets and $4.06 billion in total assets on XRPL. The dashboard recorded 182 RWA owners, reflecting a 17.42% increase over the prior 30 days, and 373 RWA tokens on the network. Stablecoins accounted for an additional $952.25 million, supported by 60,160 holders.

Aviva's participation introduces a regulated liquidity product to these network dynamics. For Ripple, the deal marks an expansion of its tokenization strategy into European asset management, with the fund's purpose remaining anchored in short-term US dollar debt instruments. Versey's stated intention to explore additional tokenized fund structures positions the Aviva collaboration as a potential stepping stone for broader product tokenization across the manager's lineup.