Aviva Investors Introduces Tokenized Fund Share Class on XRPL
Aviva Investors has rolled out its first tokenized fund share class on the XRP Ledger (XRPL) through a partnership with Ripple, combining blockchain-based records with regulated custody and daily reconciliation.
The asset manager, which operates as the investment arm of Aviva plc, has issued a tokenized share class of its US Dollar Liquidity Fund on XRPL. The initiative was developed with Ripple and has been approved by the Central Bank of Ireland, according to Ledger Insights and Structured Retail Products.
The launch puts into operation a partnership that Aviva Investors and Ripple announced on February 11, 2026. It represents Aviva Investors’ first foray into tokenized investment funds and adds another European asset-management collaboration to Ripple’s institutional tokenization efforts.
XRP has also moved higher alongside the announcement, gaining about 1.3% over the previous 24 hours. However, the cryptocurrency remains close to its 18-month support around $1. XRP is trading near $1.02, with approximately $1.26 billion in daily volume.
How Aviva’s Tokenized Fund Class Operates
The new share class is part of Aviva Investors’ established US Dollar Liquidity Fund, a European UCITS money market fund. Its existing share classes have about $1.23 billion in assets under management, according to Ledger Insights.
The tokenized class comes with a minimum investment requirement and represents the conventional fund register digitally on XRPL. The on-chain records and traditional book-entry records are matched and reconciled each day, rather than treating the tokens as freely transferable securities.
Structured Retail Products reported that only eligible investors with digital wallets can access the tokens, which cannot be freely transferred.
Komainu has been appointed to provide regulated institutional custody for the digital-token component. Bank of New York Mellon remains responsible for custody of the fund’s underlying assets, while Licuido supplies the tokenization technology.
The fund’s investment strategy remains unchanged, with the portfolio focused on high-grade, short-duration US dollar debt. XRP is not held by the fund, so investors do not gain direct XRP exposure through the tokenized share class. XRPL instead provides the infrastructure for issuing and maintaining the digital records.
Ripple and Aviva’s February Agreement
The two companies announced their collaboration in February, describing it as part of a broader initiative to bring tokenized funds onto XRPL throughout 2026 and in subsequent years.
Jill Barber, Chief Distribution Officer at Aviva Investors, highlighted the potential for tokenization to make fund operations more efficient by reducing both costs and processing time. She also said tokenized funds could offer meaningful advantages for clients.
Nigel Khakoo, Ripple’s Vice President of Trading and Markets, said tokenization was progressing from experimental projects toward production-scale adoption. He highlighted XRPL’s compliance capabilities, rapid settlement and built-in liquidity as features suited to institutional financial products.
Ripple said at the time that XRPL had processed more than 4 billion transactions since 2012. It also reported over 7 million active wallets and 120 independent validators supporting the network.
XRPL’s Growing Institutional Role
Aviva’s launch adds to the expanding use of XRPL by financial institutions for regulated token issuance and settlement rather than direct XRP investment exposure.
Ripple has supported companies such as ZILO and Licuido as they develop infrastructure for custody, transfer agency and trading services connected to XRPL.
The development also comes as tokenized real-world assets on XRPL continue to grow, with the network reportedly surpassing $3 billion in tokenized RWA value.
Aviva’s decision to restrict transfers and require daily reconciliation indicates a deliberately cautious approach to tokenization. As regulators and financial institutions gain more experience with blockchain-based fund structures, future versions could potentially offer greater transferability and round-the-clock settlement.
