If the light blue iris ring you are seeing is at or near the margin between the iris (colored part of your eye) and the sclera (white part) and forms a large ring around that margin it is likely to be a deposit of cholesterol. It does not damaging to the eye and does not interfere with vision. This is very common in older individuals but if you are a young adult it may suggest high cholesterol. If the ring you are seeing is anywhere else on the iris other than following the outside margin, it should be checked.
Lylas Mogk, MD