According to CoinDesk, Iris, an Avalanche ecosystem network founded by former IBM blockchain partner Jules Miller, has officially launched, with Bolivian telecommunications provider VIVA becoming the first operator to integrate with the network. VIVA uses USDi, a dollar-backed stablecoin issued by stablecoin infrastructure company Agora, for transaction settlements and holds a portion of its operational reserves in U.S. dollars to mitigate risks associated with local currency exchange rate fluctuations—all without replacing its existing core systems. Iris operates on a dedicated Avalanche L1 network, with initial expansion focused on Latin America and plans to extend to parts of Africa and Asia. Additionally, Iris has secured a $43 million funding commitment from Balesia Group, a family office with telecommunications operations across the Americas.
Latin American telecom operator VIVA migrates partial settlements to the Avalanche blockchain.
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Summary
Bolivia-based telecom operator VIVA has migrated partial settlements to the Avalanche-based Iris network, marking a significant blockchain update. The company uses the USDi stablecoin for transactions and reserves to hedge against local currency fluctuations. Iris, built on the Avalanche L1 network, is led by former IBM blockchain partner Jules Miller. The project plans to expand into Latin America, Africa, and parts of Asia. Balesia Group has committed $43 million in funding. This blockchain upgrade aims to enhance settlement efficiency without overhauling VIVA’s core systems.
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