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Ripple moved fast. On August 3, the company announced investments in two firms — ZILO and Licuido — both aimed at building out capital markets infrastructure on the XRP Ledger. Financial terms weren’t disclosed.
Ripple President Monica Long put it plainly: financial institutions are moving tokenized assets “from bank pilots to production.” That’s a big claim, and it’s one Ripple is now trying to back up with actual infrastructure. The ZILO investment targets transfer agency and regulated record-keeping. Licuido covers token issuance, distribution, secondary trading, and collateral use. Together, they’re meant to fill out what Ripple calls its capital markets stack — the full pipeline from creating a tokenized asset to actually putting it to work in financial markets. Neither company disclosed ownership stakes, investment amounts, or hard timelines for when these services go live for additional clients.
Not a small gap.
Aviva’s Tokenized Fund Goes Live on XRP Ledger
The clearest sign that something real is happening came on July 29, when Aviva Investors launched a tokenized share class of its U.S. Dollar Liquidity Fund on the XRP Ledger. The fund is backed by the Central Bank of Ireland. Eligible investors can access it through digital wallets. BNY Mellon holds the underlying assets. Komainu handles custody support. Licuido supplied the tokenization infrastructure that made the whole thing possible.
The structure is pretty straightforward. The blockchain token represents an investor’s interest in the fund. The investment objectives and regulatory protections stay intact — it’s basically the same fund, just accessible in a new way. What’s notable is that Licuido was already embedded in a live, regulated product before Ripple’s investment in the firm was even publicly announced. That’s not a pilot. That’s production.
Still, Ripple hasn’t said how many institutions are using its full capital markets stack, or what volume of tokenized funds has actually settled through it. Those numbers would tell a much clearer story.
RLUSD as Settlement Layer — and the DBS Connection
Ripple wants its dollar stablecoin, RLUSD, sitting at the center of the settlement process. The idea is delivery versus payment — synchronizing the movement of cash and tokenized fund units so neither side completes without the other. It’s a real problem in traditional markets, where settlement mismatches create risk. Ripple’s model is designed to cut that out. And shortly after issuance, the company wants tokenized fund units to be eligible for borrowing, lending, and margin workflows.
Whether that’s working at scale right now? Unclear. Ripple hasn’t published transaction totals showing RLUSD flowing through ZILO or Licuido at any meaningful volume.
There’s also a DBS angle here. DBS listed Franklin Templeton’s sgBENJI token alongside RLUSD, and the two firms are exploring lending and repurchase transactions using tokenized units as collateral. That’s a separate initiative from the ZILO and Licuido investments, but it fits the same broader push — getting tokenized assets to do something useful beyond just existing on a ledger.
The XRP Ledger itself keeps growing. As of July 29, RWA.xyz tracked $4.06 billion in represented assets and $313.3 million in distributed assets on the network. Those two figures aren’t the same thing and don’t represent a single pool of onchain liquidity — the categories are tracked separately. But the numbers are big, and they show the ledger can handle real asset volumes.
What’s Still Missing From the Picture
Ripple’s build-out is moving, but there are real holes in the public record. No investment amounts for ZILO or Licuido. No ownership stakes. No service availability dates for clients beyond what’s already live. No settlement volumes. No collateral values. No count of institutions actually running on the infrastructure.
Long’s comments about customer demand carry weight — she’s close to the institutional relationships. But independent data to verify the scale of the shift doesn’t exist yet. That’s not unusual for early-stage infrastructure plays, but it does mean the story is still partly a projection.
ZILO’s platform launched August 3, targeting conventional fund units and tokenized assets in one system. Its success pretty much depends on asset managers choosing to adopt it over existing transfer agency setups. That’s a slow process in traditional finance. Licuido’s next milestone is the collateral marketplace — getting tokenized fund shares actually used as collateral on the XRP Ledger. That’s probably the most consequential step, and it hasn’t happened yet at any disclosed scale.
Broader adoption across both platforms will need client onboarding, regulatory sign-off in relevant jurisdictions, and verified transaction data. The Aviva fund is a real proof point. The DBS-Franklin Templeton work adds another. But two live examples and a set of strategic investments don’t yet confirm that the full capital markets stack is running at institutional scale.
Ripple is building the rails. Whether enough trains run on them — and fast enough — is the part that’s still murky.
The XRP Ledger’s $4.06 billion in tracked represented assets, per RWA.xyz as of July 29, is probably the most concrete number in the whole picture right now.
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Frequently Asked Questions
What did Ripple announce on August 3, 2026?
Ripple announced investments in ZILO and Licuido to build out capital markets infrastructure on the XRP Ledger, covering transfer agency, token issuance, distribution, secondary trading, and collateral mobility. Financial terms were not disclosed.
What is the Aviva Investors tokenized fund on the XRP Ledger?
Aviva Investors launched a tokenized share class of its U.S. Dollar Liquidity Fund on the XRP Ledger on July 29, backed by the Central Bank of Ireland, with BNY Mellon holding underlying assets, Komainu providing custody, and Licuido supplying the tokenization infrastructure.
