Latin American telecom operator VIVA has launched financial operations on Iris, an Avalanche-based network designed specifically for mobile carriers. VIVA is the first carrier live on the platform, using it to settle transactions and hold operating reserves in U.S. dollars through USDi, a dollar-backed stablecoin issued by Agora.
Iris was founded by Jules Miller, a former partner at IBM Blockchain Ventures. The network allows telecom operators to integrate identity, billing and distribution systems with financial services while preserving their existing infrastructure.
VIVA has operated in Bolivia for more than 25 years and recently expanded into Mexico. The company said the integration lets it earn new revenue from its existing network investment and grow into a platform offering financial services.
Why Telecom Operators and Stablecoins
Telecom carriers possess assets that financial technology companies typically spend heavily to develop: customer bases, verified identities, and distribution networks. This advantage is particularly significant in emerging markets.
According to McKinsey data cited by Iris, global mobile data traffic grew more than 50% annually between 2012 and 2025, while operator service revenue increased less than 1% per year. Using U.S. dollar stablecoins for settlement addresses currency volatility concerns in markets with unstable local currencies.
Iris received a $43 million commitment from Balesia Group, a family office with telecom businesses across the Americas. John Nahas, Ava Labs' chief business officer, noted that in emerging markets like Bolivia, mobile carriers function as a primary financial rail for consumers, unlike the U.S. market where operators compete among multiple financial channels.
Expansion Plans
Iris is in discussions with additional telecom operators globally to expand its carrier base and service offerings. The network's initial expansion is expected to focus on Latin America, with potential expansion to parts of Africa and Asia.
The deployment follows other corporate uses of Avalanche. South Korean trading company POSCO recently brought trade receivables onto the network, while automaker Hyundai moved toward production readiness with a stablecoin-based internal remittance system using U.S. dollars and USDT between its U.S. and Mexico entities.
