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Quick take:
Stable Finance offers a DeFi infrastructure that allows users to earn from their stablecoin savings.
The feature works by connecting users with peer-to-peer lending markets that cumulatively boast over $38 billion in deposits.
Users have already earned over $1 billion from more than 3 million transactions, according to a statement on Stable’s website.
Aave Labs on Thursday announced the acquisition of fintech startup Stable Finance as part of a strategic move to expand its consumer finance products offering. As part of the deal, Stable’s team will join Aave to help with integration as it builds mainstream DeFi consumer tools.
The fintech offers a DeFi infrastructure that allows users to earn from their stablecoin savings. Users deposit either dollars or crypto to earn interest through stablecoin yield strategies.
According to Stable, users averaged 16.51% in annualised earnings over the past twelve months, which is “40 times more than traditional savings accounts.” It also claims that although the rates are variable, they are “never negative.”
The feature works by connecting users with peer-to-peer lending markets that cumulatively boast over $38 billion in deposits.
According to a statement on the company’s website, the platform’s users have already earned over $1 billion from more than 3 million transactions.
Commenting on the announcement, Aave Labs founder Stani Kulechov, said that the acquisition advances Aave’s goal of making “on-chain finance into everyday finance.”
The announcement follows Aave Labs’ launch of its institutional platform, Horizon, in August, which the company says has already attracted over $300 million in deposits.
Aave Labs plans a phase-out of the Stable Finance platform, with its technology being integrated into future products in its existing app.
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