Latin American telecom operator VIVA migrates partial financial settlements to Avalanche blockchain

According to CoinDesk, Iris, an Avalanche ecosystem network founded by former IBM blockchain partner Jules Miller, has officially launched, with Bolivian telecommunications operator VIVA becoming the first carrier to join the network. VIVA utilizes USDi, a USD-backed stablecoin issued by stablecoin infrastructure provider Agora, for transaction settlements via Iris, while maintaining a portion of its operational reserves in USD to mitigate local currency exchange rate volatility, all without requiring the replacement of existing core systems. Operating on an independent Avalanche L1 network, Iris's initial expansion will focus on Latin America, with plans to extend into parts of Africa and Asia. Furthermore, Iris has secured a $43 million funding commitment from Balesia Group, a family office with telecommunications operations across the Americas.