Bolivia's VIVA partners with Avalanche-based Iris for stablecoin settlement and reserves

Latin American telecom operator VIVA has partnered with Iris, an Avalanche-based Layer 1 network, to put part of its financial plumbing onchain. VIVA, which operates in Bolivia and Mexico, is using the Agora-issued USDi stablecoin for transaction settlement and holding dollar-denominated operating reserves. Iris, led by CEO Jules Miller, launched with a $43 million commitment from Balesia Group to help carriers integrate financial services into existing systems.

VIVA-Iris stablecoin settlement partnership

• ▪VIVA, which has operated in Bolivia for over 25 years and recently expanded into Mexico, is partnering with Iris to put part of its financial plumbing onchain.
• ▪Latin American telecom operator VIVA is the first carrier live on Iris, using the USDi stablecoin to settle transactions and hold eligible operating reserves in U.S. dollars.
• ▪The USDi stablecoin used by VIVA on the Iris network is issued by the stablecoin infrastructure firm Agora.

Iris Avalanche Layer 1 infrastructure

• ▪Iris debuted with a $43 million commitment from Balesia Group, a family office with telecom businesses across the Americas.
• ▪Iris runs on a dedicated Avalanche Layer 1 blockchain, which gives the network control over its settlement, operating, and compliance requirements.
• ▪Iris is led by CEO Jules Miller, a former partner at IBM Blockchain Ventures who helped launch the company's blockchain venture group.

Telecom financial services integration

• ▪Iris allows telecom carriers to plug existing identity, billing, and distribution systems into financial services without replacing their core infrastructure.
• ▪According to McKinsey figures cited by Iris, global mobile data traffic grew over 50% annually between 2012 and 2025, while operator service revenue increased by less than 1% per year.

Emerging market mobile carrier strategy

• ▪Ava Labs Chief Business Officer John Nahas stated that mobile carriers in emerging markets like Bolivia serve as the primary financial rail for consumers.
• ▪Iris is focusing its initial expansion on emerging markets in Latin America, Africa, and Asia, where mobile operators often play a larger role in consumers' financial lives than in the United States.

Avalanche enterprise blockchain adoption

• ▪South Korean trading giant POSCO recently brought trade receivables onto the Avalanche network.
• ▪South Korean automaker Hyundai moved a stablecoin-based internal remittance system using U.S. dollars and USDT between its U.S. and Mexico entities toward production readiness on Avalanche.

Debatable claims

• ▪Mobile carriers in emerging markets should act as primary financial service providers
• ▪Emerging market companies should hold operating reserves in USD stablecoins