Aave Labs became one of the first major DeFi-projects approved under the new European Cryptocurrency Markets Act. This allowed the company to offer regulated stablecoins throughout the European Economic Area.
The Central Bank of Ireland also granted approval to Push Virtual Assets Ireland Limited, a wholly owned subsidiary of Aave Labs.
Users of Aave Labs’ fiat-to-cryptocurrency conversion service Push will now be able to convert euros into crypto assets, including their own. stablecoin Aave GHO protocol.
According to the company, the conversion fee is set at zero, which is “a competitive proposition compared to the typical fee structure of traditional financial services providers and centralized exchanges.”
The company did not specify whether the zero commission would be temporary or a permanent option, but they did state that a compliant payment infrastructure would be the foundation for developers hoping to attract DeFi ordinary users.
According to DefillamaIn the last 24 hours alone, Aave processed $542 million in transactions. The total value of assets borrowed by users in Aave’s lending pools exceeded $22,8 billion.