Ripple connects XRP Ledger to a £22 billion investment giant while chasing the next wave of corporate money

Ripple expanded its institutional reach Monday as Aviva added another tokenized fund share class to the XRP Ledger (XRPL).

The British asset manager invested £50 million ($66 million) in a blockchain-based share class of its Sterling Liquidity Fund, bringing its combined investments across two XRP Ledger offerings to more than £86 million ($116 million).

The announcement coincided with Ripple's expansion into round-the-clock corporate cash management, extending its presence across two areas of institutional finance that could increase activity within its digital asset ecosystem.

The developments also raise a question about XRP's role in Ripple's growing financial infrastructure business, particularly how increased institutional adoption of the Ledger translates into demand for its native cryptocurrency.

Aviva's latest offering introduces a tokenized share class to its largest investment fund, which manages approximately £22 billion ($29 billion).

The £50 million investment represents roughly 0.23% of the existing fund's assets, while the broader portfolio continues to operate through conventional financial infrastructure.

The Ireland-domiciled fund invests in high-grade sterling-denominated short-term debt instruments and offers daily liquidity. Its tokenized version uses a digital twin structure, representing ownership on the XRP Ledger while preserving the underlying fund's existing investment arrangements.

The launch follows Aviva's first tokenized money market fund offering in July, when the asset manager introduced an XRP Ledger-based share class for its US Dollar Liquidity Fund.

Mark Versey, CEO of Aviva Investors, said the second launch lays the groundwork for further expansion. Versey said:

“We believe tokenised funds can increase efficiency and ultimately lead to improved client outcomes.”

He added that the company intends to explore additional opportunities with Ripple.

The latest issuance uses the XRP Ledger's Multi-Purpose Token (MPT) standard, which allows financial institutions to define how digital assets can be held, transferred, and recovered.

XRPL Foundation contributor Vet pointed out three restrictions on the Aviva token: holders must be authorized, the issuer can claw back tokens under specified circumstances, and transfers between investors are disabled.

These controls allow Aviva to maintain oversight of ownership and compliance while using blockchain infrastructure for issuance and redemption.

BNY Mellon remains custodian of the underlying fund assets, while Komainu provides digital asset custody support and Licuido supplies tokenization infrastructure.