Ripple and Aviva Investors launched on July 29, 2026, with a token share class for the Aviva Investors USD Fund for liquidity on the XRP Ledger, the first token fund structure approved by the Central Bank of Ireland on a public blockchain.
BNY Mellon is responsible for custody of the underlying assets, Komainu provides regulated digital asset custody, and Licuido provides the tokenization infrastructure.
Ripple is operating a new token staking class for @AvivaInvestorsUSD Liquidity Fund:
🔹 Issued on #XRP Ledger 📒
🔹 Nursery by @KomainuAUM and technology by Licuido
🔹Certified by the Central Bank of Ireland
🔹 Assets held by BNY (@BNYMellon)https://t.co/AQACarG2aQ pic.twitter.com/VOqW79fidJ— 𝗕𝗮𝗽𝗲XRP (@BankXRP) July 29, 2026
This is not just another institutional cryptocurrency pilot program. This is the first time a major EU financial regulator has signed off on a public chain token fund structure, giving other Irish and EU-based asset managers a straightforward compliance model rather than a theoretical framework for assessment.
This news fell as XRP USD fell -0.7% overnight, with the asset trading at around $1.08 after missing support at $1.10. Ripple’s daily trading volume is $1.14 billion, up from $1.05 billion yesterday.
Ripple partnership background: from February announcement to live product
The two companies announced their intention to partner on February 11, 2026, committing to tokenize fund products on XRPL and target multiple asset classes across a multi-year collaboration. The USD Liquidity Fund tokenized share class is the first direct outcome of this roadmap – a production deployment, not a sandbox experiment.
The Fund targets daily liquidity through exposure to high-quality short-term debt instruments denominated in US dollars, bearing the same investment objective, risk profile and regulatory protections as its traditional share class. Eligible investors with digital wallets can access the product under similar terms as traditional fund units, with the XRP Ledger acting as the recordkeeping and transfer layer.
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Institutional Stack and Infrastructure of XRPL Ripple: How the Mechanism Works
The mechanism works as follows: Licuido’s tokenization platform issues the digital share class on XRPL; Komainu maintains the digital asset custody layer within its regulated institutional framework; The Bank of New York Mellon maintains custody of the fund’s underlying assets in the traditional structure. This combination combines legacy custodial infrastructure with native crypto settlement into one regulated product.
XRPL has processed more than 4 billion transactions since its launch in 2012, supports nearly 8 million active wallets, and runs more than 130 independent validators.
The features of near-instantaneous, low-cost settlement and native coding were cited as key factors in choosing a ledger, especially for an institutional client that requires predictable transaction completion and built-in compliance tools.
Nigel Khako, senior vice president of trading and markets at Ripple, described the launch as demonstrating that an institutional-grade regulated token product can be brought to market on live infrastructure while providing real investor protection.
Mark Versi, CEO of Aviva Investors, described tokenization as an important development for the investment industry and described the Ripple partnership as crucial to executing the product launch.
RWA Tokenization: What the CBI’s approval of institutional cryptocurrencies indicates
The analytical question is no longer whether real-world assets can be tokenized in a public ledger. Rather, it is a question of whether regulators will provide jurisdictional clarity that allows institutional-level products to scale.
The CBI’s approval resolves this question, at least within the Irish regulatory environment, and positions the fund as a replicable model for other fund tokenization efforts across EU-based managers.
We believe the most significant near-term impact will be on competing asset managers who are currently evaluating public versus private DLTs for their RWA programs; Having a CBI-approved precedent on a public chain significantly reduces the perceived regulatory risk of choosing that infrastructure.
Aviva Investors had approximately $310 billion in assets under management as of 2025, and the two companies framed this launch as the first step in a broader pipeline of tokenized fund products on XRPL.
The scope of this pipeline, and how quickly additional Aviva funds move through the CBI approval process, will determine whether this remains an isolated institutional milestone for cryptocurrencies or the opening of a sustainable tokenization of funds program on the XRP Ledger.
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Neil is a professional cryptocurrency content writer with years of experience. He has written for numerous cryptocurrency websites to report breaking news, and has been hired by all kinds of cryptocurrency projects, to create content that will increase their exposure and attract more potential investors.
