Aave Labs has become one of the first major decentralized finance (DeFi) projects to receive regulatory authorization under the European Crypto Assets Market (MiCA), enabling it to provide regulated stablecoin gateway services in the European Economic Area (EEA).
This approval allows "Push"—Aave Labs' fiat and crypto asset exchange service—to enable users to convert between euros and crypto assets, including the native stablecoin GHO of the Aave protocol. The Central Bank of Ireland granted this authorization to Push Virtual Assets Ireland Limited, a wholly-owned subsidiary of Aave Labs.
The company's choice of Ireland as its operational base for European business indicates that the country is gradually becoming the preferred hub for compliant on-chain finance under the MiCA framework. On June 25, the cryptocurrency exchange Kraken also received MiCA authorization in Ireland, allowing it to expand its operations across Europe.
This initiative comes as the global supply of stablecoins is expected to exceed 300 billion by 2025, indicating strong market demand for crypto assets pegged to fiat currencies. As of the time of writing, CoinGecko data shows that the total market capitalization of stablecoins in the entire crypto industry has reached 312 billion.
With the implementation of MiCA approval, Push will provide compliant entry and exit channels for GHO and other stablecoins integrated into the Aave product suite.
According to Aave's announcement, the service's conversion fee is set to zero, making this rate highly competitive compared to the common fee structures of traditional fintech institutions and centralized exchanges (CEX).
Although the protocol launched this product with a "zero fee" scheme, it did not specify whether this fee structure is a long-term policy or only valid during the promotional period.
Aave Labs stated that compliant payment infrastructure is a crucial cornerstone for developers aiming to drive mainstream users into the DeFi space.
By providing a predictable and audited pathway for euro and crypto asset exchanges, Push is expected to reduce one of the biggest obstacles in the adoption of DeFi: the reliance on CEX for converting between fiat and cryptocurrencies.
For a native DeFi organization, operating a compliant fiat bridge independently is significant, as the protocol currently supports stablecoin liquidity at the level of hundreds of billions of dollars.
According to DefiLlama data, Aave processed a trading volume of $542 million in the past 24 hours. The data aggregation platform also shows that the total value of assets borrowed from Aave's lending pool has exceeded $22.8 billion to date.
Related: Circle enters the world's largest financial market, launching on-chain foreign exchange engine
Original: “Aave Launches Zero-Fee Stablecoin Gateway in Europe After MiCA Approval”
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