Ethereum Wallet MetaMask Adds Stablecoin Yield With DeFi Giant Aave

MetaMask, the Ethereum-based crypto wallet, is offering its users the ability to earn interest on their stablecoins thanks to a new partnership with decentralized lending protocol Aave.

The feature, called Stablecoin Earn, gives MetaMask’s million-plus users access to yield on USDC, USDT and DAI without leaving their wallet. The earnings come from Aave’s lending infrastructure, which offers yield in exchange for depositing assets that can be borrowed by others.

Stablecoins, which have become one of the hottest areas in crypto thanks in part to new legislation in the U.S., grew out of the DeFi space initially.

Earning passive yield on stablecoins inside the MetaMask wallet, which has been focused on staking services and Web3 access, removes the need to navigate complex decentralized finance (DeFi) interfaces or third-party platforms, the company said.

MetaMask, built by core Ethereum development firm Consensys back in 2016 has a solid partner in Aave, which claims to be the largest DeFi lending protocol by total value locked at over $50 billion.

The Mastercard-powered MetaMask payment card is also part of the integration, the companies said, allowing users to spend Aave’s yield-bearing aUSDC directly in real-world transactions while continuing to earn yield until the moment of spending.

“MetaMask is the most popular way for people to access Web3, with millions of users. This partnership brings DeFi earning opportunities straight into the wallets people already use, helping them get more from their assets and take control of their financial future,” said Stani Kulechov, founder of Aave Labs in a statement.