Aviva Investors has launched a tokenized share class of its £22 billion Sterling (GBP) Liquidity Fund on the XRP Ledger, committing £50 million ($66.7 million) to the new digital share class. Announced on October 26, the move represents one of the largest commitments by a European asset manager to a tokenized money market fund.
The underlying fund remains Aviva Investors' largest fund, with roughly £22 billion in assets under management. It continues to invest in UK sterling short-term, investment-grade debt securities, while BNY Mellon acts as custodian for the underlying assets. The tokenized share class is structured as a “digital twin”: investor holdings are recorded on-chain, but the fund’s legal and operational rails remain off-chain under an Irish UCITS wrapper.
Aviva says the tokenized shares carry the same investment objectives, risks, and regulatory protections as traditional shares. Komainu provides regulated custody for the digital tokens, Licuido supplies the tokenization platform, and Ripple is the technology partner. The launch follows Aviva’s first tokenized USD Liquidity Fund share class on the same ledger in July 2026. Combined investment across the sterling and US dollar tokenized share classes now exceeds £86 million.
The announcement was accompanied by broader institutional infrastructure news. On October 27, BNY and Ripple said BNY’s digital asset custody platform supports XRP and RLUSD, and BNY outlined plans to expand support for tokenized investment products on the XRP Ledger, subject to final BNY and regulatory approvals.
Regulatory momentum also frames the launch. The FCA’s fund tokenization framework took effect on April 30, 2026, and the Bank of England issued a joint request for feedback on wholesale tokenization in May. The Central Bank of Ireland approved Aviva’s US dollar tokenized share class in July 2026.
Industrywide, tokenized money market funds were worth about $17.3 billion as of early September 2026, compared with nearly $8 trillion for traditional money market funds. BlackRock’s BUIDL remains the largest tokenized MMF at around $2.5 billion. Aviva’s £50 million seed investment is notable because it creates a fully operational order book and demonstrates that tokenized fund shares can handle real capital flows, signaling that tokenized money markets are moving beyond proof-of-concept.
