Aave Labs acqui-hires Stable Finance team to build consumer-friendly DeFi apps

Aave Labs, the organization behind the Aave decentralized crypto lending protocol, has acquired San Francisco-based Stable Finance in an acqui-hire. This move integrates Stable Finance's engineering team into Aave, with founder Mario Baxter Cabrera joining as director of product. Stable Finance specialized in a consumer-focused iOS application that offered high-yield savings accounts powered by DeFi lending, abstracting away complexity for users who reportedly earned up to 16.52%. Aave Labs stated the Stable team will now focus on building new consumer apps and advancing DeFi product initiatives for mainstream users, while the existing Stable platform will be phased out. Aave founder Stani Kulechov emphasized that this acquisition supports their commitment to turning onchain finance into everyday finance. The terms of the purchase were not disclosed. This development occurs amid broader consolidation trends in the stablecoin sector.

(Source：The Block)