Key Takeaways
- • Aviva Investors launched a tokenized share class of its £22 billion Sterling Liquidity Fund on the XRP Ledger, with the firm itself committing £50 million ($66 million) of seed capital to the class.
- • The tokens are issued as Multi-Purpose Tokens (MPTs) under a "digital twin" model, with the fund continuing to run off-chain while holdings are reflected on the ledger.
- • Combined tokenized money market fund assets across Aviva's sterling and USD classes now exceed £86 million ($116 million), according to the primary source.
- • BNY, which is custodian of the fund's underlying assets, said its digital asset custody platform now supports XRP and RLUSD, one day after the Aviva announcement.
- • The tokens are non-transferable between holders and restricted to eligible institutional investors, which limits secondary market activity.
Summary
Aviva Investors has launched a tokenized share class of its Sterling Liquidity Fund on the XRP Ledger, according to the primary source. The announcement came on October 26, 2026. The firm placed £50 million ($66 million) of its own capital into the new class. The Sterling Liquidity Fund has approximately £22 billion in assets under management.
Aviva is using a "digital twin" model in which the fund continues to operate off-chain as before, while investors' holdings are mirrored on the ledger. The fund's investment objectives, risk profile, daily liquidity and UCITS regulatory protections are unchanged. The shares are issued as Multi-Purpose Tokens (MPTs) on the XRP Ledger and are aimed at specific institutional investors who hold them in digital wallets. The tokens cannot be transferred between holders.
The launch follows a July 2026 move in which Aviva introduced a tokenized share class of its USD Liquidity Fund. With the sterling class added, the firm's combined tokenized money market fund assets exceed £86 million ($116 million), with the new £50 million commitment accounting for the larger share. The work is part of a partnership between Aviva Investors and Ripple.
A day after the Aviva announcement, BNY and Ripple said BNY's digital asset custody platform now supports XRP and RLUSD. BNY already serves as custodian for the fund's underlying assets, so the custody announcement links the traditional and on-chain sides of the product.
The primary source characterizes the launch as a credibility signal for the XRP Ledger, offering an institutional use case beyond payments. It also notes that the use of MPTs could serve as a template for restricted, compliance-friendly assets if other managers adopt the standard. Limits include the non-transferable token structure, which constrains secondary trading, and the restriction to eligible institutions, which excludes retail participants. The source also observes that £86 million remains modest relative to the underlying fund sizes, and that the key test is whether outside institutional capital follows Aviva's seed commitment.
Aviva is using a "digital twin" model in which the fund continues to operate off-chain as before, while investors' holdings are mirrored on the ledger. The fund's investment objectives, risk profile, daily liquidity and UCITS regulatory protections are unchanged. The shares are issued as Multi-Purpose Tokens (MPTs) on the XRP Ledger and are aimed at specific institutional investors who hold them in digital wallets. The tokens cannot be transferred between holders.
The launch follows a July 2026 move in which Aviva introduced a tokenized share class of its USD Liquidity Fund. With the sterling class added, the firm's combined tokenized money market fund assets exceed £86 million ($116 million), with the new £50 million commitment accounting for the larger share. The work is part of a partnership between Aviva Investors and Ripple.
A day after the Aviva announcement, BNY and Ripple said BNY's digital asset custody platform now supports XRP and RLUSD. BNY already serves as custodian for the fund's underlying assets, so the custody announcement links the traditional and on-chain sides of the product.
The primary source characterizes the launch as a credibility signal for the XRP Ledger, offering an institutional use case beyond payments. It also notes that the use of MPTs could serve as a template for restricted, compliance-friendly assets if other managers adopt the standard. Limits include the non-transferable token structure, which constrains secondary trading, and the restriction to eligible institutions, which excludes retail participants. The source also observes that £86 million remains modest relative to the underlying fund sizes, and that the key test is whether outside institutional capital follows Aviva's seed commitment.
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