Aviva Investors has launched a tokenised share class of its Sterling Liquidity Fund on the XRP Ledger, working with Ripple, and put £50 million of its own money into it, The Block reports.
The parent fund is about £22 billion, or $29.4 billion. It dates from 2002, invests in high-grade short-term sterling debt, offers daily liquidity and is domiciled in Ireland as a UCITS money market fund.
The structure is what Aviva calls a digital twin. Investors’ holdings are recorded onchain, while the fund itself keeps operating off it. Aviva says the tokenised shares carry the same objective, risk profile, liquidity and regulatory protections as the conventional ones.
BNY Mellon holds the assets. Komainu, a digital asset custodian, and a platform named Licuido supported the launch, in the spelling The Block uses.
This is Aviva’s second tokenised money market product. A US dollar share class went live on the same ledger on 29 July, with approval from the Central Bank of Ireland. Across both, more than £86 million is now invested, about $114.8 million.
Set against £22 billion, that is a sliver. Chief executive Mark Versey said Aviva plans to explore further tokenisation with Ripple, and gave no products or dates.
The article does not say whether the Central Bank of Ireland has approved the sterling class, as it did the dollar one. It also leaves out fees, minimum investments and who counts as an eligible wallet holder, which are the terms that decide whether anyone else buys in.
