Aave Labs, the firm behind decentralized finance (DeFi) giant Aave, said it has acquired Stable Finance, a San Francisco-based startup focused on simplifying onchain savings for everyday users. The terms of the deal were not disclosed.
The move brings the stablemate’s 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 lets users deposit dollars or crypto to earn interest through stablecoin yield strategies. According to a press release, the app hides most of the technical complexities of DeFi, giving users a single interface for on-chain savings.
Aave Labs founder Stanny 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 has attracted deposits of more than $300 million.
Stable’s technology will be incorporated into future Aave Labs products, and its existing apps will be phased out. The acquisition is Aave’s third talent-focused deal, following Sonar in 2022 and Family in 2023, as it continues to expand its product design capabilities.