Key Takeaways
- • Aviva Investors invested £50 million ($66 million) in a new tokenised share class of its £22 billion Sterling Liquidity Fund, issued and managed on the XRP Ledger, with the launch unveiled alongside Ripple on October 26, 2026.
- • Combined tokenised investments across Aviva's sterling and USD Liquidity Fund share classes exceed £86 million ($116 million), according to the joint announcement.
- • The £22 billion figure refers to the entire fund's assets under management, not the tokenised share class, which is a distinction the announcement makes explicit.
- • Access is limited to eligible investors with digital wallets, while The Bank of New York Mellon remains custodian of all fund holdings and the conventional fund's risk, liquidity and regulatory characteristics are unchanged.
- • The launch extends Aviva's Ripple partnership, announced in February, with Komainu providing custody and Licuido supplying tokenisation infrastructure.
Summary
Aviva Investors, the asset management arm of Aviva plc, has added a tokenised share class to its Sterling Liquidity Fund, bringing blockchain-based access to the firm's largest fund through the XRP Ledger (XRPL). According to the joint announcement with Ripple, Aviva is investing £50 million ($66 million) in the new sterling class. The Sterling Liquidity Fund's total assets under management are approximately £22 billion ($29.4 billion); the tokenised offering represents only a portion of that figure.
The sterling class follows a USD Liquidity Fund share class launched in July. Together, the two tokenised classes have attracted more than £86 million ($116 million), which Aviva Investors says places it among Europe's largest asset managers offering tokenised money market funds. Aviva's own £50 million investment sits in the sterling class.
The Ireland-domiciled UCITS money market fund uses a digital twin model, in which holdings gain an on-chain representation while the existing off-chain fund structure is retained. Rather than issuing a separate token for each portfolio holding, a tokenised share reflects a stake in the regulated fund as a whole. Per the announcement, the framework was built to operate within current regulations. Ripple cited XRPL's record of more than 4 billion transactions since 2012, nearly 8 million active wallets and more than 130 independent validators. RWA.xyz data cited by the article ranks XRPL ninth among blockchain networks for tokenised assets, with $642 million in distributed real-world asset value and approximately 2,900 unique holders.
Access is restricted to eligible investors with digital wallets. The Bank of New York Mellon continues to act as custodian for all fund holdings. The fund, launched in 2002, aims to deliver low-risk, daily-liquid returns by investing in high-quality short-term sterling-denominated debt, and according to Aviva's fund centre it operates as a low-volatility, short-duration money market fund tracking SONIA. Its investment goal, risk characteristics, liquidity features and regulatory safeguards are unchanged for investors.
Mark Versey, CEO of Aviva Investors, said the offering is part of the firm's ambition to expand its tokenisation capabilities, stating, "We believe tokenised funds can increase efficiency and ultimately lead to improved client outcomes." Nigel Khakoo, Ripple's Senior Vice President, Trading and Markets, linked the launch to a broader shift toward round-the-clock access and real-time settlement, and said Ripple is helping institutions use XRPL to move, manage, hold and tokenise value with compliance, privacy and security features. Komainu, a regulated institutional digital asset custodian, provided custody support, and Licuido supplied its tokenisation platform for the sterling rollout.
The sterling class follows a USD Liquidity Fund share class launched in July. Together, the two tokenised classes have attracted more than £86 million ($116 million), which Aviva Investors says places it among Europe's largest asset managers offering tokenised money market funds. Aviva's own £50 million investment sits in the sterling class.
The Ireland-domiciled UCITS money market fund uses a digital twin model, in which holdings gain an on-chain representation while the existing off-chain fund structure is retained. Rather than issuing a separate token for each portfolio holding, a tokenised share reflects a stake in the regulated fund as a whole. Per the announcement, the framework was built to operate within current regulations. Ripple cited XRPL's record of more than 4 billion transactions since 2012, nearly 8 million active wallets and more than 130 independent validators. RWA.xyz data cited by the article ranks XRPL ninth among blockchain networks for tokenised assets, with $642 million in distributed real-world asset value and approximately 2,900 unique holders.
Access is restricted to eligible investors with digital wallets. The Bank of New York Mellon continues to act as custodian for all fund holdings. The fund, launched in 2002, aims to deliver low-risk, daily-liquid returns by investing in high-quality short-term sterling-denominated debt, and according to Aviva's fund centre it operates as a low-volatility, short-duration money market fund tracking SONIA. Its investment goal, risk characteristics, liquidity features and regulatory safeguards are unchanged for investors.
Mark Versey, CEO of Aviva Investors, said the offering is part of the firm's ambition to expand its tokenisation capabilities, stating, "We believe tokenised funds can increase efficiency and ultimately lead to improved client outcomes." Nigel Khakoo, Ripple's Senior Vice President, Trading and Markets, linked the launch to a broader shift toward round-the-clock access and real-time settlement, and said Ripple is helping institutions use XRPL to move, manage, hold and tokenise value with compliance, privacy and security features. Komainu, a regulated institutional digital asset custodian, provided custody support, and Licuido supplied its tokenisation platform for the sterling rollout.
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