CryptoSlate
Aave Labs has secured FCA cryptoasset exchange registration for its UK subsidiaries Push Labs Ltd. and Push Virtual Assets Ltd., layered on top of an existing Electronic Money Institution authorization. Combined with a MiCAR CASP license obtained from the Central Bank of Ireland in November 2025, Aave now operates under a dual-permission framework covering both the UK and the EEA — clearing the path for zero-fee fiat-to-stablecoin on and off-ramps and what founder Stani Kulechov called "next-generation, zero-fee on-chain consumer financial products."
Push is designed as the regulated front door to Aave's lending protocol: bank accounts convert to stablecoins, stablecoins flow into GHO, sGHO savings, and Aave borrowing. The protocol already anchors the on-chain credit market with nearly $14 billion in TVL and $10.7 billion in outstanding borrowings, generating over $633 million in annualized fees. The missing layer has always been a compliant, low-friction ramp from traditional bank accounts — Push is built to supply it.
The governance context matters. A recent DAO vote established the "Aave Will Win" framework, requiring 100% of revenue from all Aave-branded consumer products — including Push — to route to the DAO treasury. That changes the incentive structure from Labs building a standalone fintech to Labs building a distribution channel whose commercial output belongs to AAVE holders. The bear case remains conversion: if Push users ramp fiat to stablecoins and exit to external wallets, it becomes expensive regulated infrastructure with no protocol uplift.
CoinDesk
WuBlockchain