Aviva Launches First Tokenized Fund on XRP Ledger

Aviva Investors has launched its first tokenized fund structure on the XRP Ledger, marking a significant milestone in the partnership between Aviva and Ripple. The Ireland-domiciled fund received Central Bank of Ireland approval for its new share class, allowing eligible investors to access the fund through digital wallets.

The new share class is a 'digital twin' of the existing off-chain fund, with fund holdings represented on the XRP Ledger while BNY Mellon holds the underlying assets. The structure lets Aviva issue and manage fund shares on XRPL without moving the underlying securities directly onto the network.

Mark Versey, CEO of Aviva Investors, described the launch as the asset manager's first step into tokenized funds, saying 'it is our view that this trend will increase efficiency and ultimately lead to improved client outcomes.'

The XRP Ledger now hosts approximately $4.37 billion in distributed and represented real-world assets, with the Aviva fund joining a growing group of tokenized financial products.