Aviva Investors has unveiled its first tokenized fund share class in partnership with Ripple, bringing the USD Liquidity Fund onto the XRP Ledger. The product, which received regulatory approval from the Central Bank of Ireland, is now available to eligible investors using digital wallets, both companies confirmed on July 29.
Regulated structure and technology partners
The tokenized fund transforms a traditional investment product launched in 2020 into a blockchain-based share class, maintaining the same investment objectives, risk profile, liquidity terms, and regulatory protections as its conventional counterpart.
Aviva Investors, a global asset management company headquartered in London and managing assets across equities, fixed income, and alternative strategies, designed the USD Liquidity Fund to deliver daily liquidity and low-risk returns through investments in high-grade, short-term US dollar-denominated debt. The underlying assets remain under the custody of BNY Mellon, while the tokenized fund units are available to qualified digital wallet users.
Komainu, a regulated digital asset custody provider, offers secure institutional custody services for the tokenized class, and Licuido supplies the blockchain infrastructure for the fund’s issuance. The Central Bank of Ireland authorized the product, marking a key milestone for regulated tokenized financial products in Europe.
Mini dictionary: Komainu is a joint venture between Nomura, Ledger, and CoinShares that provides regulated custody services for institutional clients managing digital assets.
Background and ongoing partnership
The announcement follows the partnership between Aviva and Ripple established in February, which aimed to migrate traditional investment products onto the XRP Ledger (XRPL). Ripple, a California-based enterprise blockchain and payments company, confirmed that this marks its first major collaboration with a European investment manager.
Both parties agreed the partnership would extend through 2026 and beyond, with plans for integrating further tokenized solutions into Aviva’s existing portfolio. Aviva stated the XRPL would support the issuance and management of digital share classes, providing rapid and cost-effective transaction services within the relevant legal framework.
Ripple emphasized that working with Aviva proves regulated investment products can utilize blockchain architecture in live market conditions, enabling real-world use cases for tokenization.
XRPL, which has operated since 2012, has processed over four billion transactions and currently supports more than eight million active wallets and at least 130 independent network validators.
Aviva CEO Mark Versey stated that Ripple’s role was significant in launching the fund and indicated the manager’s intent to explore additional tokenized fund structures in the future.
Growing tokenization trends and market data
Recent data from RWA.xyz, a real-world asset analytics platform, showed that as of July 30, $313.30 million in assets were distributed over XRPL, representing a total of $4.06 billion in assets recorded on the network. The dashboard also indicated 182 RWA owners, marking a 17.42% increase over the past month, and 373 real-world assets within XRPL.
In addition, stablecoins within the XRPL accounted for $952.25 million in assets, with 60,160 holders.
| Metric | Value (as of July 30) |
|---|---|
| Total assets on XRPL | $4.06 billion |
| RWA distributed | $313.30 million |
| RWA owners | 182 (+17.42% over 30 days) |
| Stablecoin assets | $952.25 million |
| Stablecoin holders | 60,160 |
Aviva’s move introduces a regulated tokenized liquidity product to the XRPL ecosystem. For Ripple, the deal signals an expansion of its asset tokenization strategy into European asset management, while Aviva maintains its focus on short-term US dollar-denominated debt investments in the digital era.
