Ripple President Monica Long says financial institutions are moving tokenized assets from pilot programs into live production, a shift she tied to Ripple's new investments in ZILO and Licuido, which add transfer-agency and collateral infrastructure to Ripple's capital markets stack on the XRP Ledger. Aviva Investors' tokenized fund, live on the ledger since July 29, stands as Long's clearest example of that shift, though Ripple has disclosed no volumes, stakes, or deal terms for the new investments.
Ripple President Monica Long said on Aug. 4 that financial institutions are moving tokenized funds from pilot programs into live production. Long put it directly: "from bank pilots to production" — a shift she tied to Ripple's investments in ZILO and Licuido, announced one day earlier. Ripple disclosed no investment amounts, ownership stakes, or deployment dates for either deal.
ZILO and Licuido fill the operational gaps
ZILO handles transfer agency and fund administration, and it launched an integrated digital-asset and transfer-agency platform on Aug. 3 alongside the Ripple partnership. ZILO CEO Phil Goffin said the funding would help the company add digital-market functions without requiring institutions to abandon their existing operational controls.
Licuido, meanwhile, covers issuance, distribution, and collateral use, letting asset managers tokenize fund shares so institutions can pledge them rather than sell them to raise cash. Licuido Markets Limited operates as an appointed representative of Sapeno Partners LLP, which the Financial Conduct Authority regulates.
Aviva's fund is the clearest live example
The Central Bank of Ireland approved Aviva Investors' tokenized share class of its U.S. Dollar Liquidity Fund, which launched on the XRP Ledger on July 29 — Aviva's first tokenized fund product, following a partnership with Ripple announced in February. BNY Mellon continues to hold the fund's underlying assets, while Komainu provides custody and Licuido supplied the tokenization infrastructure. Still, the launch alone doesn't show that banks or asset managers broadly have completed that transition, and Ripple hasn't said how many institutions use its full capital markets stack.
RLUSD is meant to settle the trades
Ripple plans to use its dollar stablecoin, RLUSD, as the cash leg of delivery-versus-payment settlements, so a payment and a tokenized fund unit move together instead of through separate systems. The company says that structure can reduce settlement risk, and it wants tokenized fund units to become eligible for borrowing, lending, and margin use soon after issuance.
As of July 29, RWA.xyz showed $4.06 billion in represented assets and $313.3 million in distributed assets on the XRP Ledger — figures the site tracks separately rather than as one pool of freely circulating liquidity. Ripple has not published settlement volumes, collateral values, or a count of institutions using the combined ZILO-Licuido infrastructure.
Source: crypto.news
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