Aviva Investors, Schroders, and Legal & General Investment Management are pioneering live tokenised funds in the UK, signalling a significant shift towards digital fund distribution and collateral use in the asset management industry.
Tokenisation is moving from theory into live distribution strategies among the U.K.’s largest fund houses, with Aviva Investors and Schroders both having taken fresh steps this summer and Legal & General Investment Management already offering tokenised access to its liquidity range.
Aviva Investors said on 29 July that it had launched a tokenised share class for its US Dollar Liquidity Fund, the firm’s first tokenised fund product. The move followed an earlier partnership with Ripple and was approved by the Central Bank of Ireland, which the company described as a regulatory first for tokenised fund structures. The new share class is available to eligible investors using digital wallets, while the underlying assets remain with The Bank of New York Mellon as custodian.
The fund itself dates back to 2020 and is designed for investors seeking low-risk returns and daily liquidity through exposure to high-grade, short-term U.S. dollar debt. Aviva Investors chief executive Mark Versey said on LinkedIn that the launch represented an important milestone in the company’s innovation plans. He said the share class would preserve the existing investment approach while adding a digital access route and improved operational features for institutional clients.
According to Aviva Investors and reports from Markets Media, the launch was supported by Ripple, with Komainu providing regulated digital-asset custody and Licuido handling tokenisation infrastructure. The company’s structure mirrors the traditional fund while placing a representation of the holding on-chain, a model that is increasingly being presented as a way to modernise fund distribution without altering the underlying portfolio.
Schroders also received approval from the Central Bank of Ireland in June for its first tokenised share class, Schroders Onchain Active Returns, a U.S. dollar money market fund. The structure uses smart contracts to support redemptions and transfers through Kinexys by J.P. Morgan’s multi-chain tokenisation platform. Meagen Burnett, Schroders’ chief financial officer, said on LinkedIn that the project is intended to improve operational efficiency and could pave the way for wider treasury and liquidity applications.
Legal & General Investment Management moved earlier, announcing in April that its liquidity fund range had become available on Calastone’s Tokenised Distribution Network. The firm said the platform would let investors access its liquidity strategies in tokenised form through blockchain-enabled infrastructure, while still working with existing settlement and transfer agent systems. L&G said the move covered more than £50bn in liquidity assets across dollar, euro and sterling share classes.
Calastone has argued that liquidity funds are a natural entry point for tokenisation because they combine capital preservation, same-day settlement and yield. Simon Keefe, the company’s head of digital solutions, said in a blog that the immediate value case lies less in the technology itself than in its ability to widen distribution and make existing products more useful in market practice.
That view is also reflected in a broader shift towards tokenised collateral use. Industry examples cited by Markets Media include Franklin Templeton’s work with Binance on an institutional collateral programme and a July pilot involving Aberdeen, Lloyds Banking Group and the digital assets exchange Archax, which was described as the first use of digital assets as collateral in a regulated U.K. market. Lloyds said the test showed how tokenised assets could help reduce funding costs, improve capital efficiency and speed up settlement.
For now, money market and liquidity funds appear to be the clearest proving ground for the sector. They are familiar to institutional investors, already built around daily trading and cash management, and increasingly being positioned as instruments that can be transferred, pledged or mobilised through digital infrastructure. The question facing asset managers is no longer simply whether they can tokenise funds, but whether they can turn that capability into a genuinely useful 24/7 liquidity and collateral tool.
- https://www.marketsmedia.com/u-k-asset-managers-progress-fund-tokenization/ – Please view link – unable to able to access data
- https://www.avivainvestors.com/en-de/about/company-news/2026/07/aviva-investors-launches-tokenised-share-class-for-usd-liquidity-fund/ – Aviva Investors, the global asset management business of Aviva plc, has launched a tokenised share class for the Aviva Investors US Dollar Liquidity Fund. This marks the first tokenisation of an Aviva Investors fund and follows the formation of a partnership between the firm and Ripple, the blockchain infrastructure provider, earlier this year. The new share class will be available to eligible investors with digital wallets, with all assets held by the fund’s custodian, The Bank of New York Mellon. The launch was approved by the Central Bank of Ireland, marking a regulatory first for tokenised fund structures.
- https://www.marketsmedia.com/aviva-investors-launches-tokenised-fund-share-class-with-ripple/ – Aviva Investors, the global asset management business of Aviva plc, and Ripple, the leading provider of blockchain-based enterprise solutions, have announced the successful launch of a tokenised share class of the Aviva Investors US Dollar Liquidity Fund. This marks the first tokenisation of an Aviva Investors fund and follows the announcement of the partnership between the firm and Ripple earlier in the year. The launch was supported by Komainu, which provided regulated institutional digital asset custody, and Licuido, which provided the tokenisation infrastructure.
- https://holder.io/news/ireland-oks-xrp-fund/ – Ripple and Aviva Investors launched a tokenized share class of the Aviva Investors USD Liquidity Fund on the XRP Ledger on July 29, 2026. It is the first tokenized fund structure on a public blockchain approved by the Central Bank of Ireland. BNY Mellon holds the underlying assets, Komainu provides regulated digital asset custody, and Licuido supplies the tokenisation infrastructure. This approval provides a live, regulated template for tokenized fund structures on a public chain for Irish and EU-domiciled managers.
- https://capitalpioneer.co.uk/aviva-investors-selects-komainu/ – Aviva Investors has appointed Komainu as its digital-asset infrastructure partner for the launch of its first tokenised fund share class, issued on the XRP Ledger for the Aviva Investors US Dollar Liquidity Fund. The tokenised share class uses a digital-twin model that mirrors the existing fund structure, allowing investors’ holdings to be represented on-chain while maintaining the same governance, protections, and operational processes. Komainu will provide regulated institutional digital-asset custody for wallets associated with the issuer and investor ecosystem.
- https://pluang.com/en/news-feed/ripple-luncurkan-dana-tokenisasi-pertama-aviva-di-xrp-ledger – Aviva Investors has launched its first tokenized share class of the USD Liquidity Fund on the XRP Ledger, marking a significant step in regulated blockchain investing. The fund retains its traditional investment protections and regulatory oversight by the Central Bank of Ireland, ensuring investor safety while enabling digital wallet access. Custody support is provided by Komainu, and tokenization technology by Licuido. This launch is part of a broader partnership with Ripple to expand regulated tokenized fund offerings on the XRP Ledger in 2026 and beyond, combining blockchain efficiency with established financial safeguards.
- https://bsc.news/news/aviva-investors-tokenized-fund-xrp-ledger – Aviva Investors has launched a tokenized share class of its US Dollar Liquidity Fund on the XRP Ledger, marking a regulatory first approved by the Central Bank of Ireland and the debut delivery from its Ripple partnership. The launch also marks the first tokenized fund structure approved by the Central Bank of Ireland. This development signifies a significant step forward in the adoption of blockchain technology within the asset management industry, offering enhanced operational capabilities and digital access routes for eligible institutional investors.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on recent developments in fund tokenisation by U.K. asset managers, including Aviva Investors’ launch of a tokenised share class for its US Dollar Liquidity Fund on 29 July 2026, and Schroders’ approval from the Central Bank of Ireland in June 2026 for its first tokenised share class. ([avivainvestors.com](https://www.avivainvestors.com/en-se/about/company-news/2026/07/aviva-investors-launches-tokenised-share-class-for-usd-liquidity-fund/?utm_source=openai)) The content appears current and relevant, with no evidence of being recycled from low-quality sites or clickbait networks. However, the article does not provide specific publication dates for the other events mentioned, such as Legal & General Investment Management’s move in April 2026, which makes it difficult to assess the freshness of the entire narrative. ([avivainvestors.com](https://www.avivainvestors.com/en-gb/about/company-news/?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes direct quotes from Aviva Investors CEO Mark Versey and Schroders CFO Meagen Burnett. ([avivainvestors.com](https://www.avivainvestors.com/en-se/about/company-news/2026/07/aviva-investors-launches-tokenised-share-class-for-usd-liquidity-fund/?utm_source=openai)) However, these quotes cannot be independently verified through the provided sources, as they are not found in the linked articles. This raises concerns about the authenticity and originality of the quotes. Additionally, the lack of verifiable sources for these quotes diminishes the overall credibility of the article.
Source reliability
Score:
6
Notes:
The article is published on Markets Media, a niche financial news outlet. While it provides detailed information on the developments, the lack of independent verification for key quotes and the absence of direct links to primary sources (e.g., official press releases or statements from the companies involved) raises concerns about the reliability of the information presented. The reliance on a single source without corroboration from other reputable outlets diminishes the overall trustworthiness of the content.
Plausibility check
Score:
7
Notes:
The claims about Aviva Investors and Schroders launching tokenised share classes are plausible and align with industry trends towards digital asset integration. However, the absence of independently verifiable quotes and the lack of direct links to official statements or press releases from the companies involved raise questions about the accuracy and authenticity of the reported statements. The reliance on a single, unverified source for these claims diminishes the overall credibility of the article.
Overall assessment
Verdict (FAIL, OPEN, PASS): REVIEW
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on recent developments in fund tokenisation by U.K. asset managers, including Aviva Investors’ launch of a tokenised share class for its US Dollar Liquidity Fund and Schroders’ approval from the Central Bank of Ireland for its first tokenised share class. However, the article lacks independently verifiable quotes, relies on a single, unverified source, and does not provide direct links to official statements or press releases from the companies involved. These factors raise concerns about the authenticity, originality, and overall reliability of the content. Further independent verification is recommended before publishing.