Key Takeaways
- • Aviva Investors launched a tokenized share class of its £22 billion Sterling Liquidity Fund on the XRP Ledger (XRPL), with Aviva investing £50 million ($66 million) in the new offering, according to an October 26 announcement.
- • Aviva's combined tokenized investments across its sterling and U.S. dollar share classes now exceed £86 million (about $116 million), making it one of Europe's largest tokenized money market fund providers, according to the companies.
- • The digital-twin structure preserves the conventional fund's investment objective, risk profile, liquidity characteristics and regulatory protections for eligible investors.
- • Ripple, Komainu, Licuido and BNY Mellon provide blockchain, custody and issuance infrastructure, with BNY Mellon remaining custodian of the underlying assets.
- • The launch comes as major asset managers, including JPMorgan, Franklin Templeton and BlackRock, expand tokenized fund offerings, and ahead of Ripple's Swell conference in New York on October 27–29.
Summary
Aviva Investors has launched a tokenized share class of its £22 billion Sterling Liquidity Fund on the XRP Ledger, according to an October 26 announcement. Aviva invested £50 million ($66 million) in the new share class, bringing its total across two tokenized offerings to more than £86 million ($116 million). The second offering follows the July 29 launch of a digital share class for the firm's U.S. Dollar Liquidity Fund, which received approval from the Central Bank of Ireland and is limited to eligible investors using digital wallets. The £22 billion figure refers to the total assets of the existing conventional sterling fund, not the amount moved onto the blockchain.
The Sterling Liquidity Fund, established in 2002, is Aviva Investors' largest fund. It is an Ireland-domiciled UCITS money market fund that invests in high-grade, short-term sterling-denominated debt and targets low-risk returns with daily liquidity. The new share class uses a digital-twin structure, representing fund ownership on XRPL while the underlying portfolio and existing fund arrangements remain unchanged. Aviva says eligible investors keep the conventional fund's investment objective, risk profile, liquidity characteristics and regulatory protections. Mark Versey, CEO of Aviva Investors, said the launch demonstrated the firm's commitment to tokenized products, stating: "We believe tokenised funds can increase efficiency and ultimately lead to improved client outcomes." He indicated the companies intend to keep exploring tokenization.
Infrastructure partners include Ripple, which provides XRPL-based issuance and settlement; Komainu, an institutional digital asset custodian; Licuido, which provides tooling for issuing and managing tokenized financial assets; and BNY Mellon, which continues as custodian of the underlying assets. Ripple said XRPL has processed more than 4 billion transactions since 2012, supports nearly 8 million active wallets and is maintained by more than 130 independent validators. Nigel Khakoo, Ripple's senior vice president of trading and markets, said institutions are increasingly adopting infrastructure built for continuous access and faster settlement. The companies did not disclose how many outside investors have subscribed to the sterling class.
The launch is part of a broader shift among large asset managers toward tokenized money market funds. According to the announcement, JPMorgan Asset Management expanded its MONY and JLTXX funds onto Solana on October 22 for qualified U.S. investors. Franklin Templeton has extended its Benji platform across several blockchains, and BlackRock's BUIDL fund has introduced tokenized share classes on multiple networks. The Aviva announcement also precedes Ripple's Swell conference in New York, scheduled for October 27–29, where tokenization and institutional blockchain adoption are expected to be discussed.
The Sterling Liquidity Fund, established in 2002, is Aviva Investors' largest fund. It is an Ireland-domiciled UCITS money market fund that invests in high-grade, short-term sterling-denominated debt and targets low-risk returns with daily liquidity. The new share class uses a digital-twin structure, representing fund ownership on XRPL while the underlying portfolio and existing fund arrangements remain unchanged. Aviva says eligible investors keep the conventional fund's investment objective, risk profile, liquidity characteristics and regulatory protections. Mark Versey, CEO of Aviva Investors, said the launch demonstrated the firm's commitment to tokenized products, stating: "We believe tokenised funds can increase efficiency and ultimately lead to improved client outcomes." He indicated the companies intend to keep exploring tokenization.
Infrastructure partners include Ripple, which provides XRPL-based issuance and settlement; Komainu, an institutional digital asset custodian; Licuido, which provides tooling for issuing and managing tokenized financial assets; and BNY Mellon, which continues as custodian of the underlying assets. Ripple said XRPL has processed more than 4 billion transactions since 2012, supports nearly 8 million active wallets and is maintained by more than 130 independent validators. Nigel Khakoo, Ripple's senior vice president of trading and markets, said institutions are increasingly adopting infrastructure built for continuous access and faster settlement. The companies did not disclose how many outside investors have subscribed to the sterling class.
The launch is part of a broader shift among large asset managers toward tokenized money market funds. According to the announcement, JPMorgan Asset Management expanded its MONY and JLTXX funds onto Solana on October 22 for qualified U.S. investors. Franklin Templeton has extended its Benji platform across several blockchains, and BlackRock's BUIDL fund has introduced tokenized share classes on multiple networks. The Aviva announcement also precedes Ripple's Swell conference in New York, scheduled for October 27–29, where tokenization and institutional blockchain adoption are expected to be discussed.
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