Aviva Investors has moved its tokenization partnership with Ripple into production by launching a tokenized share class of its US Dollar Liquidity Fund on the XRP Ledger. The move marks the asset manager’s first step into on-chain fund structures and deepens Ripple’s institutional product push.
The Ireland-domiciled fund, originally launched as a traditional UCITS money market vehicle in 2020, received approval from the Central Bank of Ireland for the new tokenized class. The product uses a “digital twin” model: fund holdings remain off-chain within a regulated framework, while share ownership is represented on the XRP Ledger. BNY Mellon continues to custody the underlying assets, separating traditional custody from the blockchain record.
Eligible investors with approved digital wallets gain the same investment objective, risk profile, liquidity terms, and regulatory protections as the conventional share class. “It is our view that this trend will increase efficiency and ultimately lead to improved client outcomes,” said Mark Versey, CEO of Aviva Investors.
The structure does not place the underlying securities directly on the blockchain. Instead, regulated digital asset custodian Komainu supported the blockchain infrastructure, while technology firm Licuido handled tokenization. Access remains limited to eligible investors and is not an automatic US offering; the announcement did not reference SEC approval or a US retail launch.
The launch converts Aviva/Ripple’s February partnership into a live product. Ripple has also recently introduced Ripple Mint for direct issuance, redemption, bridging, and tracking of its RLUSD stablecoin, and invested in compliance firm Notabene. These moves collectively address token issuance, distribution, and compliance.
Data from RWA.xyz shows the XRP Ledger hosts approximately $4.37 billion in distributed and represented real-world assets, with an additional $952 million in stablecoins—including about $907 million in RLUSD. The number of RWA holders on the ledger rose 17.4% over the past 30 days to 182, though distributed asset value dipped 5.2% in the same period.
Aviva and Ripple have not yet disclosed the initial value of shares issued, and future growth will hinge on investor onboarding and possible expansion to other funds under the partnership.
