Aviva Investors Launches First Tokenized Fund Class on XRP Ledger

Aviva Investors has brought its first tokenized fund share class to the XRP Ledger (XRPL) in partnership with Ripple, introducing blockchain-based fund records alongside regulated custody and daily reconciliation.

The asset management division of Aviva plc has issued a tokenized share class of its US Dollar Liquidity Fund on XRPL. The project was developed with Ripple and received approval from the Central Bank of Ireland, according to Ledger Insights and Structured Retail Products.

The move follows the partnership announced by Aviva Investors and Ripple on February 11, 2026. For Aviva Investors, the launch marks its first step into fund tokenization, while for Ripple it adds another European asset manager to its institutional blockchain initiatives.

XRP has gained around 1.3% over the past 24 hours amid the development. The cryptocurrency, however, remains close to its 18-month support near the $1 level. XRP is currently trading at roughly $1.02, with daily trading volume of about $1.26 billion.

How the Tokenized Share Class Works

The new digital share class forms part of Aviva Investors’ existing US Dollar Liquidity Fund, a European UCITS money market fund with approximately $1.23 billion in assets held across its other share classes, according to Ledger Insights.

The tokenized class requires investors to meet a minimum investment amount. Each blockchain token represents a corresponding entry in the fund’s traditional book-entry register, with the two systems reconciled daily.

The structure does not make the tokens freely tradable. Structured Retail Products reported that participation is limited to eligible investors who have digital wallets.

Komainu has been appointed as the regulated institutional custodian for the tokenized assets. Meanwhile, Bank of New York Mellon continues to hold custody of the underlying fund portfolio, while Licuido provides the technology required for token issuance.

The underlying investment portfolio remains focused on high-quality, short-term US dollar debt. XRP is not included in the fund’s holdings, meaning the tokenized structure does not provide investors with direct exposure to XRP. Instead, XRPL is being used for issuance and recordkeeping.

Ripple and Aviva’s Tokenization Partnership

Aviva Investors and Ripple first unveiled their collaboration on February 11, describing the initiative as a longer-term effort to bring tokenized funds to XRPL throughout 2026 and beyond.

Jill Barber, Chief Distribution Officer at Aviva Investors, said tokenization could improve operational efficiency by reducing both time and costs. She also emphasized the potential advantages tokenized funds could bring to clients.

Ripple Vice President of Trading and Markets Nigel Khakoo said tokenization was moving beyond experimentation and toward broader production use. He highlighted XRPL’s compliance features, rapid settlement and native liquidity as capabilities suited to institutional financial markets.

Ripple said when the partnership was announced that XRPL had processed more than 4 billion transactions since 2012. The network also had more than 7 million active wallets and was supported by 120 independent validators.

Aviva Strengthens XRPL’s Institutional Push

The launch reinforces the growing role of XRPL as infrastructure for issuing and settling regulated financial products. Rather than creating direct XRP exposure, the ledger is being used by asset managers as a technological layer for tokenized assets.

Ripple has backed infrastructure providers such as ZILO and Licuido, which are developing solutions for custody, transfer agency and trading services on XRPL.

The initiative comes amid broader expansion in tokenized real-world assets across the network, with XRPL’s tokenized RWA value reportedly exceeding $3 billion.

Aviva’s restricted-transfer structure and daily reconciliation process suggest that the asset manager is taking a measured approach to blockchain-based funds. Greater transferability and 24/7 settlement could become possible as regulatory frameworks develop and the market gains more experience with tokenized investment products.