Aave Labs became one of the first major decentralized finance (DeFi) projects to secure authorization under Europe’s new Markets in Crypto-Assets (MiCA) regulation, allowing the company to offer regulated stablecoin ramps across the European Economic Area (EEA).
The approval enables “Push,” Aave Labs’ fiat-to-crypto service, to let users convert between euros and crypto assets, including the Aave protocol’s native stablecoin, GHO. The Central Bank of Ireland granted the authorization to Push Virtual Assets Ireland Limited, a wholly-owned subsidiary of Aave Labs.
The company selected Ireland for its European operations, signaling that the country is becoming a preferred hub for compliant onchain finance under MiCA. On June 25, the crypto exchange Kraken secured its MiCA authorization in Ireland, allowing it to expand its offerings across Europe.
The move came as global stablecoin supply surpassed $300 billion in 2025, signaling strong demand for fiat-pegged crypto assets. At the time of writing, CoinGecko data showed that the total stablecoin market cap across the crypto sector was at $312 billion.
Top stablecoins by market capitalization. Source: CoinGecko
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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 in Aave’s product suite.
According to Aave’s announcement, the conversion fees are set to zero, which is a competitive rate compared to the typical fee structure across legacy fintech providers and centralized exchanges (CEXs).
While the protocol introduced the product as a “zero-fee” solution, it did not specify whether this fee structure was permanent or tied to an introductory period.
Aave Labs said a compliant payment infrastructure is foundational to developers hoping to onboard mainstream users into DeFi.
By providing a predictable, audited pathway between euros and crypto assets, Push could reduce one of the biggest frictions in DeFi adoption: the dependence on CEXs for fiat-to-crypto conversions.
The ability for a DeFi-native organization to run a compliant fiat bridge represents a meaningful shift as the protocol supports tens of billions in stablecoin liquidity.
According to DefiLlama, Aave processed 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 lending pools exceeds $22.8 billion.
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