Aviva Investors puts tokenized dollar liquidity fund share class live on XRP Ledger

Launch of a new tokenized share class

The product is a new share class of the Aviva Investors US Dollar Liquidity Fund, an Ireland-domiciled UCITS money market fund that was originally launched in conventional form in 2020. Aviva and Ripple said the tokenized version is now live on XRPL, the blockchain associated with the XRP Ledger.

According to the announcement, the tokenized class is intended for eligible investors with approved digital wallets. Those investors are expected to receive the same investment objective, risk profile, liquidity terms and regulatory protections as investors using the traditional share class.

How the structure works

The fund uses what the companies described as a “digital twin” model. In practice, investor holdings are represented on the XRP Ledger, while the existing off-chain fund remains in place under its established regulatory framework.

That means the blockchain element records ownership interests in the share class, but the securities held by the fund are not themselves moved directly onto the network. Aviva said this allows it to issue and manage fund shares on XRPL while preserving the conventional structure of the underlying vehicle.

Custody and regulation

The new share class was approved by the Central Bank of Ireland, allowing it to operate within the fund’s current regulated setup. The underlying assets will continue to be held by BNY Mellon, keeping custody of the portfolio separate from the blockchain record of investor holdings.

Aviva said the fund seeks low-risk returns and daily liquidity by investing in high-grade, short-term US dollar-denominated debt instruments. The arrangement therefore combines a traditional money market fund portfolio with tokenized share representation.

Komainu, a regulated digital asset custodian, supported the blockchain infrastructure for the launch. Licuido provided the tokenization technology used in the structure.

Access remains limited

The launch does not mean the product is broadly available to all dollar-based investors. The announcement said access is limited to eligible investors and depends on local securities rules, distribution approvals and Aviva’s onboarding requirements.

The source article also noted that the fund’s US dollar denomination does not in itself make the product available in the United States. No US retail offering was identified, and the announcement did not cite approval from the US Securities and Exchange Commission.

The rollout marks a concrete step in the use of tokenization for conventional fund structures, with Aviva keeping the regulated off-chain vehicle intact while adding blockchain-based share representation. In this case, the model is designed to extend an existing institutional-style liquidity fund onto XRPL without altering the custody of the underlying assets or the regulatory framework around the fund.