LatAm telco VIVA taps Avalanche-based Iris for stablecoin settlement and dollar reserves
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Summary
Latin American telecom operator VIVA is the first carrier to go live on Iris, an Avalanche-based network designed for transaction settlement and dollar-denominated operating reserves tailored to telco companies. VIVA uses USDi, a dollar-backed stablecoin issued by Agora, on the Iris network to settle transactions and hold reserves in U.S. dollars without replacing its existing infrastructure. Iris is led by CEO Jules Miller, a former IBM Blockchain partner, and targets emerging markets where telecom operators play a significant financial role for consumers.
Why it matters
This development matters because it allows telecom companies like VIVA to leverage their customer base, verified identities, and distribution systems to expand into financial services using stablecoins, particularly in emerging markets where mobile operators are central to consumer financial activity. The Iris network aims to help carriers capture more revenue without replacing legacy systems, a challenge in telecom markets where service revenue growth has lagged behind data traffic growth.
Key context
Iris is built on a dedicated Avalanche Layer 1 blockchain and uses the USDi stablecoin for settlements and operating reserves. Telecom operators in emerging markets often serve as the primary financial infrastructure for customers, making stablecoin-based financial services potentially transformative. The approach follows similar corporate use cases of Avalanche, such as POSCO and Hyundai deploying blockchain for trade receivables and remittance systems.
Key numbers and entities
VIVA, a telecom operator in Bolivia and Mexico, is the first carrier live on Iris. Iris was launched with a $43 million investment from Balesia Group, a family office with telecom businesses across the Americas. John Nahas is the chief business officer of Ava Labs, which supports the Avalanche ecosystem. Jules Miller is CEO of Iris and a former partner at IBM Blockchain Ventures.
What remains unclear
The source does not specify the full scope or scale of VIVA’s onchain financial activities beyond settlements and reserves, nor does it detail the timeline and geographic expansion plans for Iris beyond broad mentions of Latin America, Africa, and Asia. Additionally, it is unclear how regulators in these markets view the use of stablecoins by telecom operators.