Aviva Investors Launches Tokenised GBP Fund on XRP Ledger

Money-market funds have become the proving ground for tokenisation, with BlackRock's BUIDL and Franklin Templeton's OnChain fund already running on public chains since 2021-2024. Ripple has spent two years courting institutional asset managers to put real-world assets on XRP Ledger rather than Ethereum. Aviva Investors, a UK manager overseeing roughly £22 billion in this fund alone, is now the latest name lending scale and credibility to that pitch, with this marking its second tokenised share class.

Eligible investors holding digital wallets can now subscribe to a share class that settles on XRPL instead of through a traditional transfer agent, while everyone else continues to use the fund exactly as before. Aviva has put roughly £50 million of its own money into the structure, with £86 million spread across two offerings, so the shift from legacy infrastructure is a seeded pilot, not a wholesale migration of the £22 billion fund. Ripple gains another flagship reference client; fund administrators gain a live test of on-chain settlement at the big end of the market.

Tokenisation here changes the wrapper, not the fund: the underlying portfolio still runs offchain with the same objectives, liquidity terms and protections, with the blockchain layer only mirroring ownership. That is a deliberately conservative design, but it leaves open whether the promised gains in settlement speed and composability as collateral will materialise before the fund itself moves meaningfully on-chain. With only 0.4% of £22 billion tokenised so far, claims that this launch marks a leap for fund management outrun what has actually migrated.

The number to track is how much of that £22 billion moves beyond the initial 0.4% in the months after the October 26, 2026 launch, and whether Aviva follows through on plans to bring additional funds onto XRP Ledger. Evidence of secondary uses, such as the tokenised units being pledged as collateral, would signal the share class is doing more than digitising a subscription ledger. Absent that, this stays a notable but narrow pilot rather than the structural shift its backers describe.

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The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.