Aviva Investors has deployed a U.S. dollar liquidity fund onto the XRP Ledger, demonstrating that traditional asset management firms continue to advance the tokenization of real-world assets. The article notes that this arrangement stems from its partnership with Ripple, with both parties planning to explore additional tokenization use cases before 2026.
The fund is on-chain, but the assets remain unchanged.
Aviva Investors stated that this tokenization will not alter the fund's underlying assets, net asset value, or risk profile. The changes primarily involve digitizing the record-keeping and trading processes, with fund share ownership being registered on the blockchain.
This means that related transactions and transfer processes are expected to be completed faster, enabling the XRP Ledger to gain new use cases in traditional finance and RWA sectors.
- Fund Type: USD Liquidity Fund
- Network Deployment: XRP Ledger
- Partnership Duration: Partnering with Ripple until 2026
The public chain continues to advance.
The passage also cites Yuval Rooz, CEO of Digital Asset, who stated that banks have not waited for the U.S. Clarity Act to be enacted before engaging with public blockchain infrastructure, as some institutions have already begun using public blockchain networks, including Canton.
He noted that approximately 50 vendors are preparing applications for Canton ahead of the Depository Trust & Clearing Corporation (DTCC)'s planned production launch in October. This statement reflects that traditional financial institutions are moving from proof-of-concept to practical business integration of on-chain infrastructure.
Valuation places greater emphasis on actual revenue.
Rooz also stated that the valuation of future crypto networks will increasingly depend on the actual utility and revenue they generate, rather than just narratives or expectations. He believes that if a network fails to establish real economic activity over the long term, its valuation could face a significant decline.
Using Hyperliquid as an example, the network repurchases and burns tokens using business revenue, a model closer to how public companies return value to shareholders through buybacks. This perspective also reflects a growing market emphasis on protocol revenue, product execution, and sustainable use cases.
Traditional finance is larger in scale.
The article also notes that the combined market size of U.S. stocks and government bonds is nearly $70 trillion. In comparison, the total value locked metric commonly used in the current crypto market remains relatively small, leading some industry participants to argue that focus should shift from purely on-chain scale to broader financial infrastructure applications.
For the XRP Ledger, the significance of this type of fund being tokenized lies not only in the product itself but also in its inclusion in more mature discussions around asset tokenization.