Key Takeaways
- • Aviva Investors and Ripple announced on October 26, 2026 a tokenised share class for the Aviva Investors Sterling Liquidity Fund, represented on the XRP Ledger.
- • The roughly £22 billion figure refers to the whole underlying sterling fund, not the value of the new blockchain tokens.
- • The tokenised class follows Aviva's July launch of a tokenised class for its US-dollar liquidity fund, making the sterling product the second implementation.
- • Tokenised fund units are interests in an investment fund, not stablecoins; redemption rights, dealing deadlines and eligibility rules still apply.
- • Key indicators to watch include verified subscriptions, holdings in the tokenised class, investor eligibility disclosures and evidence of secondary uses such as collateral management.
Summary
Aviva Investors and Ripple announced a tokenised share class for the Aviva Investors Sterling Liquidity Fund on October 26, 2026. According to Aviva, the existing sterling fund has roughly £22 billion in assets under management. That figure describes the whole underlying fund rather than the value represented by the new tokens, so the class should be understood as a digital route into an established strategy rather than a separate £22 billion blockchain fund.
The new share class represents eligible fund interests on the XRP Ledger. Aviva had already introduced a tokenised class for its US-dollar liquidity fund in July, and the sterling product is therefore a second implementation. In arrangements of this kind, portfolio management and legal entitlements remain governed by conventional fund documentation, while the token layer can change how units are recorded, transferred or made available through approved distribution channels. Investor verification and custody requirements are not eliminated by using a public ledger.
Money-market products are a natural test case for tokenisation given investors' emphasis on short-duration instruments, reliable records and efficient movement of liquidity. However, a tokenised fund unit should not be confused with a stablecoin. Its value and redemption rights depend on the fund's structure and may be subject to dealing deadlines, investment risks and restrictions. Token transfers on a blockchain do not automatically equal cash redemption or bank settlement.
The potential business case rests on operational efficiency and distribution rather than novelty, including fewer reconciliations, clearer ownership records and easier connectivity with digital-asset platforms. Each benefit depends on integration with real institutions and on passing compliance reviews. The £22 billion headline does not by itself establish adoption of the class. Observers should check which entity is responsible, what a holder can redeem or transfer, and whether the claimed advantages appear in live activity.
The new share class represents eligible fund interests on the XRP Ledger. Aviva had already introduced a tokenised class for its US-dollar liquidity fund in July, and the sterling product is therefore a second implementation. In arrangements of this kind, portfolio management and legal entitlements remain governed by conventional fund documentation, while the token layer can change how units are recorded, transferred or made available through approved distribution channels. Investor verification and custody requirements are not eliminated by using a public ledger.
Money-market products are a natural test case for tokenisation given investors' emphasis on short-duration instruments, reliable records and efficient movement of liquidity. However, a tokenised fund unit should not be confused with a stablecoin. Its value and redemption rights depend on the fund's structure and may be subject to dealing deadlines, investment risks and restrictions. Token transfers on a blockchain do not automatically equal cash redemption or bank settlement.
The potential business case rests on operational efficiency and distribution rather than novelty, including fewer reconciliations, clearer ownership records and easier connectivity with digital-asset platforms. Each benefit depends on integration with real institutions and on passing compliance reviews. The £22 billion headline does not by itself establish adoption of the class. Observers should check which entity is responsible, what a holder can redeem or transfer, and whether the claimed advantages appear in live activity.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.