Aviva’s latest tokenised fund launch brings blockchain-based access to its largest fund, the £22 billion Sterling Liquidity Fund , through a new share class on the XRP Ledger. Aviva Investors and Ripple unveiled the offering on October 26, 2026, with Aviva investing £50 million ($66 million). The £22 billion figure represents the entire fund’s assets—not the amount invested in its tokenised share class.
Key takeaways
Aviva has more than £86 million invested across two tokenised money market fund share classes.
The sterling offering preserves the conventional fund’s investment and regulatory characteristics.
Access requires investor eligibility and a digital wallet; The Bank of New York Mellon holds the fund assets.
Aviva’s tokenised fund launch expands its European offering
The Sterling Liquidity Fund adds a second tokenised share class to Aviva Investors ’ offering, following its USD Liquidity Fund class in July. Together, the two classes have attracted more than £86 million ($116 million) , according to the joint announcement.
Aviva Investors, the asset management business of Aviva plc, said that total places it among Europe’s largest asset managers offering tokenised money market funds. Aviva’s own £50 million investment is in the new sterling class.
The distinction between fund size and tokenised investment is important: approximately £22 billion ($29.4 billion) measures the Sterling Liquidity Fund’s total assets under management. The £86 million-plus figure covers investments across both the sterling and dollar tokenised classes, rather than sterling alone.
A digital twin connects fund holdings to the XRP Ledger
The Ireland-domiciled UCITS money market fund uses a digital twin model : holdings gain an on-chain representation while the existing off-chain fund structure stays intact. Tokenisation adds a digital access layer rather than replacing that structure.
The share class is issued and managed on the XRP Ledger (XRPL) . Ripple said the network supports fast, secure transactions at low cost using an energy-efficient format.
According to Ripple, XRPL has handled more than 4 billion transactions since 2012, supports nearly 8 million active wallets and operates with more than 130 independent validators.
RWA.xyz data place XRPL ninth among blockchain networks for tokenised assets, with $642 million in distributed real-world asset value and approximately 2,900 unique holders.
Conventional fund protections remain intact for qualifying investors
Only eligible investors with digital wallets can access the new class, and The Bank of New York Mellon continues to safeguard all the fund’s holdings as custodian. The investment goal, risk characteristics, liquidity features and regulatory safeguards of the traditional fund remain unchanged for investors.
Launched back in 2002, the underlying Sterling Liquidity Fund aims to deliver low-risk, daily-liquid returns by investing in high-quality short-term debt instruments denominated in UK sterling. According to Aviva’s fund centre, it operates as a low-volatility, short-duration money market fund with a net asset value structure, tracking SONIA as its benchmark.
Rather than issuing a distinct token for each holding in the portfolio, a tokenised share simply reflects a stake in the regulated fund as a whole. Per the joint announcement, the framework was built to operate within the boundaries of current regulations.
Ripple partnership adds custody and tokenisation support
The tokenised fund launch extends Aviva’s collaboration with Ripple, which began with a partnership announced in February. Komainu and Licuido also supported the sterling rollout.
Mark Versey, CEO of Aviva Investors, described the second offering as part of its ambition to expand its tokenisation capabilities. “We believe tokenised funds can increase efficiency and ultimately lead to improved client outcomes,” he said.
Nigel Khakoo, Ripple’s Senior Vice President, Trading and Markets, linked the launch to a broader shift toward round-the-clock access and real-time settlement. He said Ripple is helping institutions use XRPL to move, manage, hold and tokenise value, with compliance, privacy and security features suited to institutional requirements.
Komainu , a regulated institutional digital asset custodian, provided digital asset custody support. Licuido supplied tokenisation infrastructure through its platform for asset managers to tokenise and trade real-world assets.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
