Aviva Investors, the global asset management arm of Aviva plc, has issued a tokenized share class of its US Dollar Liquidity Fund on the XRP Ledger (XRPL) in collaboration with Ripple. The structure has been approved by the Central Bank of Ireland, according to reporting from Ledger Insights and Structured Retail Products. The move is an operational follow-through on a partnership Aviva Investors and Ripple first disclosed on February 11, 2026, marking the asset manager's first venture into fund tokenization and one of Ripple's first collaborations with a European investment manager.
The new share class sits within Aviva Investors' existing US Dollar Liquidity Fund, a European UCITS money market fund whose other share classes already hold approximately $1.23 billion in assets under management. The tokenized class carries a minimum investment threshold and functions as a digital twin: on-chain tokens mirror a conventional book-entry register, with the two reconciled daily rather than existing as an independently transferable instrument. Structured Retail Products reports that the tokens are not freely transferable and are available only to eligible investors holding digital wallets.
Komainu has been named as the regulated institutional digital-asset custodian for the tokenized layer, while Bank of New York Mellon continues to serve as custodian for the underlying fund assets. Tokenization infrastructure is supplied by Licuido. The underlying portfolio remains a conventional short-term, high-grade US dollar debt allocation; XRP itself is not held as an underlying asset, and XRPL functions here as issuance and recordkeeping infrastructure rather than an investment exposure.
Jill Barber, Chief Distribution Officer at Aviva Investors, said the firm was 'really delighted to announce our collaboration with Ripple,' adding that tokenization could bring 'improvements in terms of both time and cost efficiency' and that she believed 'tokenized funds can be hugely beneficial to our clients.' Nigel Khakoo, Vice President of Trading and Markets at Ripple, said tokenization is 'now moving from experimentation to large-scale production,' and that XRPL's built-in compliance tools, near-instant settlement, and native liquidity provide infrastructure suited to institutional assets.
In market trading, XRP USD climbed +1.3% over the past 24 hours, but the token is sitting precariously above its 18-month support level of $1, trading at around $1.02 with a daily trading volume of $1.26 billion. The Aviva launch extends a pattern of asset managers using XRPL as a settlement and issuance layer for regulated products rather than as a venue for XRP exposure itself. The non-transferable, reconciled-daily design of Aviva's token reflects a deliberately conservative first step, with collateral mobility and 24/7 transferability likely reserved for later iterations once the regulatory and operational track record is established.
