GHO

GHO is Aave's dollar stablecoin, minted when users borrow against crypto collateral on the Aave protocol.

GHO is a US dollar stablecoin created by the Aave Protocol, one of the largest lending platforms in decentralised finance. It launched on Ethereum on 16 July 2023 after a vote of the Aave DAO, the community of AAVE holders that governs the protocol. GHO has no company that issues it or promises to redeem it for dollars. Its target price of US$1 is supported by over-collateralised loans and by a swap module, and by market trading.

Most GHO comes into existence as a loan. A user deposits crypto such as ETH as collateral in Aave and borrows GHO against it; the GHO is newly minted. When the loan is repaid, the GHO is burned and the interest goes to the Aave DAO treasury. Borrow rates are set by governance and its appointed stewards: on the main Ethereum market, an update of 27 August 2026 set the rate to rise from 3.75% to 4.25% a year in two steps. The rest of GHO is minted through the GHO Stability Module, which swaps GHO one-for-one with USDC or USDT. In August 2026 about 69% of GHO came from loans and 31% from the module.

Since May 2026 Aave also offers sGHO, a savings vault: holders deposit GHO and the value of their shares grows at a rate set by governance: 4.25% a year at launch, set to rise to 4.50% under the August 2026 update. The DAO pays this yield from its treasury, whose GHO income comes from borrow interest and from lending yield on the stablecoin reserves. Plain GHO, held outside the vault, earns nothing.

Total supply was 699 million GHO on 27 September 2026. GHO runs on Ethereum and several other networks, including Arbitrum, Base, Avalanche, Gnosis and Monad. Its contracts are open source and audited. In July and August 2026 GHO traded slightly below US$1 for several weeks; the stewards responded by raising borrow rates.