Aviva Investors, the asset management arm of UK-based insurer Aviva, launched a tokenized share class of its Sterling (GBP) Liquidity Fund on the XRP Ledger (XRPL).
The development adds a tokenized share class of the companys largest fund of approximately 22 billion British pounds ($29.4 billion) in assets under management on XRPL and allows investment in the fund in tokenized format, Ripple and Aviva revealed in a joint announcement on Monday.
It is the asset managers second tokenized fund, after Aviva expanded its USD Liquidity Fund to the XRPL network earlier in July.
Aviva said this makes it one of Europes largest asset management providers of tokenized money market funds, with about 86 million pounds invested across its two tokenized share class offerings.
Aviva made an 50-million-pound investment in the Sterling Liquidity Funds new tokenized share class, according to the announcement. The expansion is part of a broader collaboration between Aviva and Ripple, seeking to bring more tokenized funds to the XRP Ledger.
The XRP Ledger ranks as the ninth-largest blockchain network for tokenized assets, with $642 million in total distributed real-world asset value and about 2,900 unique holders, according to RWA.xyz data.