According to ChainCatcher, RootData has mapped 40 business partners of Aave spanning TradFi/RWA, stablecoins, infrastructure, wallets, and DeFi protocols. The partnerships include major institutions like BlackRock, Franklin Templeton, and JPMorgan, as well as stablecoin issuers Circle and Tether, signaling Aave's shift from crypto-native lending toward capturing on-chain dollar liquidity and real-world asset financing.
Recently, Aave's TVL declined from a high of $44 billion to $15 billion following the rsETH/Kelp risk incident, testing the protocol's risk management capabilities amid its expanded partnership ecosystem.