Aave’s Push Service Gains MiCA Authorization for Stablecoin On-Ramps

Aave Labs has become one of the first major decentralized finance (DeFi) projects to secure authorization under the new European Markets in Crypto-Assets (MiCA) regulation, which allows the company to offer regulated stablecoin ramps throughout the European Economic Area (EEA).

The approval allow “Push”, the fiat-to-crypto service of Aave Labs, to allow users to convert between euros and crypto assets, including the native stablecoin of the Aave protocol, GHO. The Central Bank of Ireland has granted authorization to Push Virtual Assets Ireland Limited, a wholly owned subsidiary of Aave Labs.

The company has chosen Ireland for its European operations, signaling that the country has become a preferred hub for comprehensive onchain finance under MiCA. On June 25, the crypto exchange Kraken has secured its MiCA authorization in Irelandwhich allows them to expand their offers throughout Europe.

The move came as global stablecoin supply surpassed $300 billion by 2025, signaling strong demand for the fiat-pegged crypto asset. At the time of writing, CoinGecko data demonstrated that the total capitalization of the stablecoin market in the crypto sector was $312 billion.

Related: DeFi players launch alliance to champion Ethereum to policy makers

Aave’s Push opens regulated access to GHO and other stablecoins

With its MiCA approval secured, Push will offer regulated on and off ramps to GHO and other stablecoins integrated into Aave’s product suite.

According to Aave’s announcement, conversion fees are set at zero, which is a competitive fee compared to the typical fee structure in legacy fintech providers and centralized exchanges (CEX).

While the protocol introduced the product as a “zero-fee” solution, it did not specify whether this fee structure was permanent or linked to an introductory period.

Aave Labs said a comprehensive payment infrastructure is fundamental for developers hoping to onboard mainstream users into DeFi.

By providing a predictable and verified path between the euro and crypto-assets, Push could reduce one of the biggest frictions in DeFi adoption: the reliance on CEX for fiat-to-crypto conversions.

The ability for a native DeFi organization to run a full fiat bridge represents a significant shift as the protocol supports tens of billions in stablecoin liquidity.

Second at DefiLlama, Aave handled a volume of $542 million in the last 24 hours alone. The data aggregator also showed that the total value of assets borrowed by users from Aave’s loan pools exceeds $22.8 billion.