DeFi Specialist Aave Labs Acquires Stable Finance, Expands Consumer Access to Onchain Savings

Aave Labs, the company behind it decentralized finance (DeFi) giant Aave said it has acquired Stable Finance, a San Francisco-based startup focused on making onchain savings simple for everyday users. Terms of the deal were not disclosed.

The move brings Stable founder Mario Baxter Cabrera and his engineering team to Aave Labs, where they will help create new consumer-facing DeFi products. Cabrera joins as Director of Product.

Stable Finance is best known for its mobile app that allows users to deposit dollars or cryptocurrencies and earn interest through stablecoin income strategies. The app has hidden much of the technical complexity of DeFi and provided users with a unified interface for on-chain savings, according to a press release.

Aave Labs founder Stani Kulechov said the deal reinforces the company’s goal of making “onchain finance into everyday finance”. The company already operates Aave.com and Horizon, an institutional platform introduced in August that attracted more than $300 million in deposits.

Stable technology will be incorporated into future Aave Labs products and its existing application will be retired. The acquisition marks Aave’s third talent engagement, following Sonar in 2022 and Family in 2023, as it continues to expand its product design capabilities.