Aviva Investors Launches Tokenized USD Liquidity Fund Share Class on XRP Ledger

First tokenized fund for Aviva

Ripple and Aviva Investors, the asset management business of Aviva plc, said the new digital share class is tied to the Aviva Investors USD Liquidity Fund. According to the companies, the tokenized version keeps the same investment objective, risk profile, liquidity features, and regulatory protections as the conventional fund, while shifting issuance and administration onto blockchain rails.

Aviva Investors CEO Mark Versey said the firm was launching its first fund in the tokenization space with the new share class. Eligible investors can hold the shares through digital wallets, while the underlying portfolio remains with the fund’s traditional custodian.

How the structure works

The launch uses the XRP Ledger for onchain issuance and administration of fund shares. Komainu is providing custody support for the tokenized share class, while Licuido is supplying the technology used to issue and administer the shares onchain.

The arrangement separates the blockchain-based ownership layer from the underlying portfolio management and custody framework already used by the fund. In practice, the tokenized share class is meant to offer access to a conventional short-term liquidity portfolio through a digital format rather than change the underlying investment strategy.

Ripple and Aviva said this rollout is the first phase of a broader partnership announced earlier in the year. That partnership set out plans to bring regulated fund structures onto XRPL during 2026 and beyond. With the first product now live, the relationship moves from development into distribution.

Regulatory approval in Ireland

Regulatory oversight is a central part of the structure. The tokenized share class was approved by the Central Bank of Ireland, and the fund operates through an Irish vehicle within an established investment framework. The Central Bank of Ireland’s fund register lists Aviva Investors Liquidity Funds plc as an authorized undertaking for collective investment in transferable securities, with the dollar fund among its approved subfunds.

The source article describes the approval as a regulatory first for tokenized fund structures. It says tokenization changes how ownership is recorded and how administration is handled, while governance, custody, and investor protection remain inside a regulated setup. That model may be attractive to institutions seeking operational efficiencies without moving outside familiar money-market fund structures.

XRPL’s institutional push

The companies said the collaboration is Ripple’s first partnership with a European asset manager. Aviva’s launch also adds another institutional product to the XRP Ledger’s tokenization efforts. The source article notes that XRPL has processed more than 4 billion transactions, supports nearly 8 million active wallets, and uses more than 130 independent validators.

The launch follows what the source describes as XRPL’s first tokenized money market fund, which brought a dollar liquidity product onto the network through tokenization platform Archax. Aviva’s entry builds on that by combining an Irish UCITS structure, digital-wallet access, and regulated custody in a live offering for eligible institutions.

In context, the announcement reflects a broader attempt to place traditional fund products on blockchain infrastructure without altering their core investment profile. For Aviva, it marks the first live tokenized fund share class. For Ripple, it extends XRPL’s push into regulated asset management through a European institutional partner.