Ripple XRP Ledger tokenisation crossed a threshold on 4 August 2026 when president Monica Long stated that financial institutions are now moving regulated fund products into live production environments, not just running proofs of concept. The trigger for that claim: two strategic investments announced a day earlier, in transfer agency platform ZILO and tokenisation infrastructure firm Licuido.
Neither investment amount nor ownership stake was disclosed.
Aviva Investors Provides the Clearest On-Chain Evidence
The most concrete data point underpinning Long’s argument is the Aviva Investors tokenised share class of its USD Liquidity Fund, which went live on the XRP Ledger on 29 July. Aviva Investors’ own announcement described the structure as ‘a regulatory first with regards to tokenised fund structures,’ following Central Bank of Ireland approval of the new share class.
The fund’s underlying portfolio holds high-grade, short-term US dollar-denominated debt issued by governments, banks, and corporations, targeting returns in line with money market rates while preserving capital. BNY Mellon retains custody of those underlying assets. Komainu, described by Aviva Investors as ‘a regulated institutional digital asset custodian,’ provided digital asset custody support. Licuido supplied the tokenisation infrastructure.
The partnership between Aviva Investors and Ripple was first announced on 11 February 2026, according to Yahoo Finance reporting citing Ledger Insights. The July launch is the first visible output of that arrangement.
The Aviva product confirms at least one institutional project has reached production. It does not confirm broad adoption: Ripple has not disclosed how many institutions are running live products on its full capital markets stack, nor what volume of tokenised fund units has settled through it.
ZILO and Licuido Fill the Operational Gaps Ripple XRP Ledger Tokenisation Requires
ZILO, founded in 2020 by Phil Goffin, launched its SaaS transfer agency platform on 1 August 2023 after three years of product development. Private Banker International reported that State Street was a Series A investor in ZILO and used the platform to support its re-entry to the UK transfer agency market, with River Global as its first client in that channel.
The core problem ZILO addresses: when a fund issues a blockchain-based share class, the on-chain record must reconcile with the legally recognised investor register. ZILO’s platform handles issuance, payments, settlement, reconciliation and reporting for both conventional fund units and tokenised assets through one system. Ripple says the investment will integrate that record-keeping capability into its XRP Ledger infrastructure.
Licuido targets a different part of the stack: primary issuance, distribution, secondary trading, and collateral use. The firm describes its platform as enabling complete one-for-one legal ownership of the fund, with the ability to issue shares traditionally, digitally, or as a combination, and supports many-to-many collateral trading of both traditional and digital assets on a single platform. Its stated mission is unlocking $10 trillion or more in money market fund liquidity through tokenisation and collateral utility.
One regulatory distinction applies. Licuido Markets Limited operates as an appointed representative of Sapeno Partners LLP, which is authorised and regulated by the Financial Conduct Authority (FCA). Licuido is not independently FCA-authorised.
RLUSD as the Cash Leg, and What Still Needs to Be Proved
Ripple intends RLUSD, its dollar stablecoin, to function as the cash side of atomic delivery versus payment (DvP) settlement for tokenised fund trades. The model requires both payment and asset leg to settle simultaneously, removing the counterparty exposure that arises when the two legs move through separate systems at different times.
Ripple also wants tokenised fund units to become eligible for borrowing, lending, and margin workflows shortly after issuance. Neither function has been confirmed at scale: Ripple has not published transaction totals showing RLUSD processing fund settlements through ZILO or Licuido, nor identified institutions actively using the combined infrastructure for collateral transactions.
Context from the XRP Ledger’s broader activity: RWA.xyz data as of 29 July showed $4.06 billion in represented assets and $313.3 million in distributed assets on the network. Those two categories are tracked separately and should not be read as a single pool of freely circulating on-chain liquidity.
Ripple also works with Franklin Templeton and DBS on tokenised money market infrastructure, with DBS listing Franklin Templeton’s sgBENJI token alongside RLUSD and planning to explore lending and repo transactions using tokenised fund units as collateral.
The next measurable tests are straightforward: additional named fund launches, disclosed client counts, and transaction data showing how frequently RLUSD is clearing DvP settlements in practice. For Licuido specifically, the live launch of its collateral marketplace on the XRP Ledger is the event to watch.
