Aviva's latest tokenized share class and Ripple's new treasury capabilities reveal an expanding institutional strategy, with unanswered questions about XRP's economic role.

Ripple expanded its institutional reach Monday as Aviva added another tokenized fund share class to the XRP Ledger (XRPL).

The British asset manager invested £50 million ($66 million) in a blockchain-based share class of its Sterling Liquidity Fund, bringing its combined investments across two XRP Ledger offerings to more than £86 million ($116 million).

The announcement coincided with Ripple's expansion into round-the-clock corporate cash management, extending its presence across two areas of institutional finance that could increase activity within its digital asset ecosystem.

The developments also raise a question about XRP's role in Ripple's growing financial infrastructure business, particularly how increased institutional adoption of the Ledger translates into demand for its native cryptocurrency.

Aviva's latest offering introduces a tokenized share class to its largest investment fund, which manages approximately £22 billion ($29 billion).

The £50 million investment represents roughly 0.23% of the existing fund's assets, while the broader portfolio continues to operate through conventional financial infrastructure.

The Ireland-domiciled fund invests in high-grade sterling-denominated short-term debt instruments and offers daily liquidity. Its tokenized version uses a digital twin structure, representing ownership on the XRP Ledger while preserving the underlying fund's existing investment arrangements.

The launch follows Aviva's first tokenized money market fund offering in July, when the asset manager introduced an XRP Ledger-based share class for its US Dollar Liquidity Fund.

Mark Versey, CEO of Aviva Investors, said the second launch lays the groundwork for further expansion.

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