Aave Labs, the company behind decentralized finance (DeFi) giant Aave, said it has acquired Stable Finance, a San Francisco-based startup that aims to simplify on-chain economies for everyday users. Terms of the deal were not disclosed.
The move brings Stable founder Mario Baxter Cabrera and his team of engineers to Aave Labs, where they will help create new consumer-facing DeFi products. Cabrera will join the company as chief product officer.
Stable Finance is best known for its mobile app, which allows users to deposit dollars or cryptocurrencies to earn interest through stable yield strategies. The app hid much of the technical complexity of DeFi, providing users with a single interface for on-chain economies, according to a press release.
Aave Labs founder Stani Kulechov said the deal reinforces the company’s goal of making “on-chain finance everyday finance.” The company already operates Aave.com and Horizon, an institutional platform launched in August that has attracted more than $300 million in deposits.
Stable’s technology will be integrated into future Aave Labs products and its existing application will be phased out. This 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.
