Aave Labs, the firm behind decentralized finance (DeFi) giant Aave, said it acquired Stable Finance, a San Francisco-based startup focused on making onchain savings simple for everyday users. The terms of the deal were not disclosed.
The move brings Stable’s founder, Mario Baxter Cabrera, and his engineering team to Aave Labs, where they’ll help build new consumer-facing DeFi products. Cabrera will join as Director of Product.
Stable Finance is best known for its mobile app, which lets users deposit dollars or crypto to earn interest through stablecoin yield strategies. The app hid much of the technical complexity of DeFi, giving users a single interface for onchain 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 has attracted more than $300 million in deposits.
Stable’s technology will be folded into future Aave Labs products, and its existing app will be phased out. The acquisition marks Aave’s third talent-focused deal, following Sonar in 2022 and Family in 2023, as it continues expanding its product design capabilities.