On October 26, 2026, Aviva Investors launched a tokenised share class of its Sterling Liquidity Fund on XRPL, with £50m invested by Aviva. The launch announcement puts investments across Aviva Investors’ sterling and dollar tokenised share classes above £86m.
The underlying sterling fund holds approximately £22 billion and is the manager’s largest fund. That is the size of the whole fund, not the assets represented by the new tokenised share class. Aviva disclosed an investment of £50m in the sterling tokenised class. The release gives no separate breakdown of other investors in that class.
Aviva Investors began its tokenised offering with a share class of its dollar liquidity fund in July 2026. The new class adds access to the sterling fund for eligible investors with digital wallets. It is operating and has already received an investment.
A digital record of an existing fund
Aviva uses a digital-twin structure: holdings are represented on-chain, and the existing off-chain fund structure stays in place. The sterling fund is an Ireland-domiciled UCITS money market fund. According to the announcement, tokenised investors receive the same investment objective, risk profile, liquidity characteristics and regulatory protections as conventional investors.
The conventional fund launched in 2002. The new share class targets the same high-grade sterling-denominated short-term debt exposure and daily liquidity. Tokenisation changes how investors access that portfolio. The fund assets remain with The Bank of New York Mellon, and the launch announcement describes no migration of the underlying debt instruments onto the ledger.
Komainu, the institutional digital-asset custodian, and Licuido, the infrastructure platform for tokenising and trading real-world assets, supported the launch. The announcement names their roles alongside the fund custodian. It leaves the detailed allocation of responsibility for wallet recovery, transfer approvals and reconciliation between the digital record and the off-chain fund structure unspecified.
Aviva’s liquidity product page describes access to investments through a tokenised account on the ledger. The underlying fund, investment process and risk management remain unchanged. Prospective investors are directed to the distribution team. The page provides no open subscription interface through which any wallet holder can invest.
Investor eligibility still applies. In its explanation of tokenised money market funds, Aviva describes the instruments as regulated securities. New clients must undergo know-your-customer and anti-money-laundering checks during onboarding. The explanation also says tokenised money market funds pay yield directly to investors and hold only assets their prospectus permits. The launch release specifies eligible investors but leaves the sterling tokenised class’s complete eligibility criteria unstated.
The portfolio behind the token
The existing sterling fund documentation identifies the portfolio as a short-term low-volatility net asset value money market fund. It aims to preserve investment value and offer returns in line with money market rates. The fund measures performance against the Sterling Overnight Index Average, or SONIA.
The portfolio normally holds term deposits, reverse repo and cash-like instruments issued by governments, international bodies, banks and companies. Issuers can come from markets around the world. Instruments are typically priced in sterling; non-sterling investments are hedged against currency movements. Investors get exposure to a managed money market portfolio that includes bank and corporate credit. Its holdings are not limited to UK government debt.
The key information document for conventional share class 3 sets out additional portfolio limits. Weighted average maturity must stay at 60 days or less. Investments’ residual maturity to legal redemption cannot exceed 397 days. The fund can invest up to 10% of net asset value in other short-term money market funds.
The manager actively assembles the portfolio using credit and interest-rate analysis, seeking to maximise yields. The public fund page says it aims for a high Aaa rating from agencies such as Moody’s. That management objective comes with no guarantee that investors will recover their principal. The same documentation warns that the value of money market securities can change daily with interest rates, inflation and issuer creditworthiness.
The conventional class’s key information document places the portfolio within Aviva Investors Liquidity Funds plc, an Irish umbrella investment company with segregated liability between sub-funds. The company is open-ended, with variable capital, and is authorised by the Central Bank of Ireland. It also sets out the custody risks. Manager insolvency would not affect fund assets held in safekeeping by the depositary. Insolvency of the depositary, or of someone acting on its behalf, could cause financial loss.
Daily liquidity still needs dealing terms
The conventional class’s key information document describes redemptions at the valuation point on each dealing day, using that class’s net asset value. Requests received after the dealing deadline generally move to the following deadline unless the management company determines otherwise. These terms document dealing in the conventional class. A dealing schedule specific to the new tokenised class has not been published.
The launch release promises the same liquidity characteristics as the conventional fund, but gives neither tokenised-class cut-off times nor a round-the-clock cash redemption commitment. Aviva’s broader discussion of near-continuous token trading describes potential operating capabilities. It does not supply the class-specific subscription and redemption terms needed to establish when investors can enter or redeem.
The fund’s risk warning says the investment is not guaranteed and differs from a deposit. The fund relies on no external support to guarantee liquidity or stabilise net asset value. Investors bear the risk of principal loss. These warnings apply to the portfolio whose holdings the digital twin represents.
Aviva has disclosed the live investment and access model, but the launch announcement identifies neither an XRPL issuer address nor a token identifier. The reviewed product pages also leave tokenised-class fees, minimum investment and transfer restrictions unspecified.
