Aviva adds tokenised sterling fund share class on XRPL

Aviva Investors has invested £50 million in a tokenised share class of its Sterling Liquidity Fund on the XRP Ledger. The launch gives eligible investors a digital wallet route to a fund with about £22 billion in assets.

The fund manager announced the share class with Ripple on 26 October, describing it as the second of its existing funds to be tokenised. According to Aviva Investors’ announcement, the new class brings its combined investment in two tokenised offerings to more than £86 million.

What does the token represent?

It represents a share in the existing Sterling Liquidity Fund, rather than a new fund. Aviva says the fund uses a “digital twin” model: holdings can be represented on-chain while the underlying fund structure remains off-chain.

The fund is an Ireland-domiciled UCITS money market fund. It was launched in 2002 and invests in high-grade, sterling-denominated short-term debt instruments. Aviva says it targets low-risk returns and daily liquidity.

For you as an investor, the tokenised class is intended to carry the same investment objective, risk profile, liquidity characteristics and regulatory protections as the conventional fund. Tokenisation changes how the share is represented and accessed; it does not turn the fund into a deposit or guarantee your capital.

Who can access it, and where are the assets held?

Access is limited to eligible investors with digital wallets, and the fund’s assets remain with its custodian, The Bank of New York Mellon. Aviva says Komainu provided institutional digital asset custody support, while Licuido supplied digital infrastructure for tokenisation and trading.

The share class is issued on the XRP Ledger, a public blockchain. That allows the ownership record to be represented on-chain, while the underlying fund continues to operate off-chain. The announcement does not say that the fund’s assets themselves are held on the ledger.

The Block’s report also described the arrangement as a digital twin structure and noted that investors need an eligible wallet. Aviva says the share class was designed to operate within existing regulatory frameworks.

How does the launch fit Aviva’s tokenisation plans?

It follows Aviva’s tokenised US Dollar Liquidity Fund share class, launched in July 2026, and expands its partnership with Ripple. The firms announced their collaboration in February with plans to bring traditional fund structures onto the XRP Ledger.

Aviva Investors said the sterling launch is its second tokenised fund. Its CEO, Mark Versey, said the firm believes tokenised funds can improve efficiency and client outcomes, while describing the new class as groundwork for expanding its capabilities.

For now, the confirmed scope is specific: an existing sterling money market fund, a digital representation of its shares, and access for eligible wallet holders. Aviva has not announced a broader timetable for bringing other funds onto the ledger.

Sources

• Aviva Investors’ announcement — avivainvestors.com
• The Block’s report — theblock.co