Overview
- Aviva first put a US dollar tokenized share class on the XRP Ledger on July 29 and added a sterling class on October 26, bringing combined tokenized assets to more than £86 million.
- The tokenized classes are built as a digital twin that mirrors conventional fund shares so the underlying £22 billion Sterling Liquidity Fund, its rules and investor protections remain unchanged.
- Aviva uses a three-part custody and issuance stack with BNY Mellon holding the fund assets, Komainu providing regulated digital custody, and Licuido handling token issuance.
- Access is limited to eligible, KYC/AML-checked investors using digital wallets and reports say the dollar tokens may not be freely transferable, which could curb secondary-market trading.
- The launches aim to let cash managers keep currency without FX costs and enable near-instant settlement and round-the-clock access, but the initiative’s success hinges on wider, dispersed investor uptake and active transfers between wallets.