Key Takeaways
- • Aviva Investors launched a tokenized share class of its £22 billion Sterling (GBP) Liquidity Fund on the XRP Ledger (XRPL), with an initial £50 million ($66 million) investment, according to the Oct. 26, 2026 announcement.
- • Combined investments across Aviva's two tokenized money market fund share classes (sterling and US dollar) exceed £86 million ($116 million).
- • The tokenized sterling share class is a digital twin structure; the underlying portfolio, investment objectives, risk profile, liquidity terms and regulatory protections are unchanged, and the £50 million represents about 0.23% of fund assets.
- • The OCC granted final approval for Ripple National Trust Bank on Oct. 26, 2026, following preliminary conditional approval in December 2025; the bank will focus on custody and fiduciary services and has no announced launch date.
- • Ripple states its RLUSD stablecoin has a market capitalization of about $2.5 billion, with BNY as primary reserve custodian; the article notes the fund launch does not automatically create demand for XRP.
Summary
Aviva Investors has launched a tokenized share class of its Sterling (GBP) Liquidity Fund on the XRP Ledger, expanding its partnership with Ripple, according to an announcement dated October 26, 2026. The Ireland-domiciled UCITS money market fund, established in 2002, manages approximately £22 billion ($29.4 billion) and invests in high-quality, sterling-denominated short-term debt with daily liquidity. Aviva invested £50 million ($66 million) in the new share class, bringing combined investments across its two tokenized offerings to more than £86 million ($116 million). The sterling launch follows the July introduction of a tokenized share class for Aviva's US dollar liquidity fund, which received Central Bank of Ireland approval. Aviva says it is now one of Europe's largest providers of tokenized money market funds.
The structure is a digital twin rather than a new fund. Eligible investors hold tokenized representations of fund shares on XRPL, while the portfolio continues under its existing investment and custody arrangements. BNY Mellon remains custodian of the underlying assets, Komainu provides digital asset custody, and Licuido supplies tokenization infrastructure. The article stresses that the £22 billion figure refers to existing assets under management, not the amount tokenized, and that the initial investment equals roughly 0.23% of the fund. Aviva CEO Mark Versey said tokenized funds can increase efficiency and lead to improved client outcomes, and Ripple SVP of trading and markets Nigel Khakoo cited continuous market access and faster settlement.
Separately, CEO Brad Garlinghouse announced that the Office of the Comptroller of the Currency granted final approval to Ripple National Trust Bank on October 26, following preliminary conditional approval in December 2025. The trust bank is authorized to manage segregated reserves backing Ripple USD (RLUSD), act as collateral trustee for stablecoin holders, and provide fiduciary digital-asset custody to institutions once operational. It will not accept deposits or make loans. RLUSD, which has a market capitalization of approximately $2.5 billion, will continue to be issued by Standard Custody & Trust Company, and Ripple has not announced when the bank will begin operations.
On XRP demand, the article cautions that the impact is uncertain. The fund is a regulated sterling money market fund rather than a crypto portfolio, and placing fund shares on XRPL does not require investors to buy XRP. XRP is used for network fees and certain account requirements, but Aviva has not disclosed how much XRP it or investors will hold. Metrics to watch include additional capital into Aviva's tokenized funds, XRPL transaction activity, and uptake of Ripple's custody and payment services.
The structure is a digital twin rather than a new fund. Eligible investors hold tokenized representations of fund shares on XRPL, while the portfolio continues under its existing investment and custody arrangements. BNY Mellon remains custodian of the underlying assets, Komainu provides digital asset custody, and Licuido supplies tokenization infrastructure. The article stresses that the £22 billion figure refers to existing assets under management, not the amount tokenized, and that the initial investment equals roughly 0.23% of the fund. Aviva CEO Mark Versey said tokenized funds can increase efficiency and lead to improved client outcomes, and Ripple SVP of trading and markets Nigel Khakoo cited continuous market access and faster settlement.
Separately, CEO Brad Garlinghouse announced that the Office of the Comptroller of the Currency granted final approval to Ripple National Trust Bank on October 26, following preliminary conditional approval in December 2025. The trust bank is authorized to manage segregated reserves backing Ripple USD (RLUSD), act as collateral trustee for stablecoin holders, and provide fiduciary digital-asset custody to institutions once operational. It will not accept deposits or make loans. RLUSD, which has a market capitalization of approximately $2.5 billion, will continue to be issued by Standard Custody & Trust Company, and Ripple has not announced when the bank will begin operations.
On XRP demand, the article cautions that the impact is uncertain. The fund is a regulated sterling money market fund rather than a crypto portfolio, and placing fund shares on XRPL does not require investors to buy XRP. XRP is used for network fees and certain account requirements, but Aviva has not disclosed how much XRP it or investors will hold. Metrics to watch include additional capital into Aviva's tokenized funds, XRPL transaction activity, and uptake of Ripple's custody and payment services.
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