Aave Labs has obtained authorization in Ireland for its Push service, which will allow euro-to-stablecoin conversions across the European Economic Area without fees following MiCA’s entry into force. This initiative affects both retail and institutional users, lowering market entry costs and offering a regulated channel to GHO and other on-chain assets.
The authorization was granted by the Central Bank of Ireland to Push Virtual Assets Ireland Limited, a subsidiary of Aave Labs that will be able to execute euro-to-crypto conversions without commercial charges within the EEA. MiCA —the European regulation on crypto-assets— introduced specific requirements for stablecoins (1:1 reserve, audits and explicit approval) with key rules applied since June and December 2024.
The Push service creates a direct regulated bridge between euro accounts and digital assets, often avoiding reliance on centralized exchanges. Central to Aave’s plan is GHO, its native stablecoin: An overcollateralized currency backed by assets deposited in the protocol’s pools. According to Aave, the roadmap includes ambitious growth targets for GHO — roughly 1 billion units in 2025 — and complementary developments such as a savings token (sGHO) and integration with Uniswap LPs.
Implications for the market
This move comes at a time of market reshuffling: in the first quarter of 2025, interest rates on stablecoin loans in the EU were around 5.9%, while staking participation on MiCA-compliant platforms increased by 45% and yield farming volume on non-compliant protocols fell by around 20%. Additionally, Ireland is consolidating its role as a European hub after previous authorizations granted to other players.
The combination of MiCA authorization + a fee-free model has several practical consequences for market participants. With Reduced acquisition costs, as it removes direct fees on fiat→stablecoin conversions. And with more competitive pressure on regulated providers and centralized exchanges.
The next operational milestone will be the effective launch of Push across all EEA markets and the evolution of the GHO offering during 2025, whose growth target will serve as a key indicator of adoption and competitive recalibration among regulated issuers.
