Aave Labs, the company behind decentralized finance (DeFi) giant Aave, said it has acquired Stable Finance, a San Francisco-based startup focused on simplifying on-chain savings for everyday users. Terms of the agreement were not disclosed.
The move brings Stable founder Mario Baxter Cabrera and his engineering team to Aave Labs, where they will help build new consumer-facing DeFi products. Cabrera will join as Product Director.
Stable Finance is best known for its mobile app, which allows users to deposit dollars or cryptocurrencies to earn interest through stablecoin yield strategies. The app hid much of the technical complexity of DeFi, giving users a single interface for on-chain savings, according to a press release.
Aave Labs founder Stani Kulechov said the deal reinforces the company’s goal of turning “on-chain finance into everyday finance.” The company already operates Aave.com and Horizon, an institutional platform introduced in August that has attracted more than $300 million in deposits.
Stable’s technology will be incorporated into future Aave Labs products and its existing application will be phased out. The acquisition marks Aave’s third talent-focused deal, following Sonar in 2022 and Family in 2023, as it continues to expand its product design capabilities.
