Key Takeaways
- Aviva’s first tokenized fund share class operates on the XRP Ledger.
- Eligible digital-wallet investors retain the conventional fund’s protections.
- Komainu provides custody support, while Licuido supplies tokenization infrastructure.
Aviva Moves a Regulated Liquidity Fund Onchain
Ripple and Aviva Investors, the global asset management business of Aviva plc, announced on July 29 the launch of a tokenized share class for the Aviva Investors USD Liquidity Fund on the XRP Ledger. The rollout turns their February partnership into a live investment product.
The digital share class retains the conventional fund’s investment objective, risk profile, liquidity characteristics, and regulatory protections while using blockchain infrastructure for issuance and administration.
Aviva Investors CEO Mark Versey stated:
“We’re thrilled to be able to announce the launch of our first fund in the tokenisation space, with the addition of the new tokenised share class for our USD Liquidity Fund.”
Aviva described the launch as “the first tokenisation of an Aviva Investors fund,” following its partnership with Ripple earlier this year. Eligible investors can hold the share class through digital wallets, while the underlying portfolio remains with the fund’s traditional custodian. Komainu, a regulated institutional digital asset custodian, provides custody support for the tokenized share class, while Licuido, a blockchain infrastructure provider, supplies the technology for issuing and administering the fund shares onchain.
The rollout marks the initial phase of Aviva and Ripple’s broader partnership, which outlined plans to place regulated fund structures on XRPL during 2026 and beyond. Aviva’s first live product lays the groundwork for additional tokenized offerings while preserving established investor protections. The collaboration between the two firms marked Ripple’s first partnership with a European asset manager. The completed launch shifts the relationship from development into live distribution, giving eligible institutions access to a conventional short-term portfolio through blockchain-based fund shares.
Irish Oversight Anchors the Tokenized Structure
Regulatory supervision remains central to the product, which operates through an Irish fund structure within an established investment framework. The Central Bank of Ireland fund register lists Aviva Investors Liquidity Funds plc as an authorized undertaking for collective investment in transferable securities, commonly known as UCITS, with the dollar fund among its approved subfunds.
Aviva stated:
“The new tokenised share class has also been approved by the Central Bank of Ireland (CBI), marking a regulatory first with regards to tokenised fund structures.”
Central Bank approval places governance, custody, and investor protection within a regulated structure while tokenization changes how ownership is recorded and administered. The model may appeal to institutions seeking greater operational efficiency without leaving established money-market frameworks.
XRPL Gains Another Institutional Fund Product
XRPL supports the issuance and administration of the tokenized shares through low-cost transactions and infrastructure designed for regulated financial markets. Aviva reported that the ledger has processed more than 4 billion transactions, supports nearly 8 million active wallets, and relies on more than 130 independent validators.
The launch follows XRPL’s first tokenized money market fund, which placed abrdn’s dollar liquidity product on the network through tokenization platform Archax. Aviva’s entry adds another institutional offering that combines an Irish UCITS structure, digital-wallet access, and regulated custody.
Broader development across XRPL’s expanding tokenized asset market includes funds, securities, repurchase agreements, and loans. Aviva’s share class adds a cash-management product that gives eligible investors a tokenized claim on a diversified portfolio while preserving the conventional fund’s risk and liquidity profile.
