Aviva Investors has launched a tokenised share class of a U.S. dollar liquidity fund on the XRP Ledger (XRPL) after receiving approval from Ireland's central bank.

Eligible investors can now access the regulated dollar liquidity fund on a blockchain basis through a digital wallet, Cointelegraph reported recently.

The underlying assets will continue to be held in custody by BNY Mellon. Komainu will handle digital asset custody, while Licuido will be responsible for tokenisation infrastructure. The structure keeps the traditional custody framework while adding a blockchain-based access route.

The fund invests in high-grade short-term U.S. dollar debt securities and money market products issued by governments, banks and companies. The tokenised share class also retains the same investment objective and liquidity structure as the existing fund.

The launch is a follow-up to a partnership Aviva Investors signed with Ripple earlier this year. The XRP Ledger provides the blockchain infrastructure needed to issue and manage tokenised shares.

Tokenised investment products based on public blockchains continue to increase. On the XRPL, the product adds to a 2024 offering in which Archax tokenised UK asset manager abrdn's U.S. dollar liquidity fund. Traditional asset managers including BlackRock, Franklin Templeton and Apollo have also launched tokenised funds.