Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesGHO (Aave)
GHO is a crypto-collateralized stablecoin tracking the US dollar, created by the Aave protocol. It has no single legal issuer. It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- GHO
- Pegged to
- US dollar
- Type
- Crypto-collateralized
- E-money token under MiCA
- No
- Transparency page
- aave.com
- Checked on
Over-collateralized. GHO is minted mainly by borrowers against crypto collateral in the Aave v3 Ethereum market, and through the GHO Stability Module, which holds USDC and USDT. Reserve reporting: on-chain.
There is no issuer to redeem with. GHO is burned when loans are repaid, and the stability module swaps USDC or USDT for GHO 1:1 within governance-set caps. Aave lists 9 networks where the token is issued natively: Ethereum, Arbitrum, Base, Avalanche, Gnosis, Mantle, Monad, Plasma and XLayer.
- Token name
- GHO
- Brand
- Aave
- Reserves
- Over-collateralized. GHO is minted mainly by borrowers against crypto collateral in the Aave v3 Ethereum market, and through the GHO Stability Module, which holds USDC and USDT.
- Reserve reporting
- On-chain
- Redemption
- There is no issuer to redeem with. GHO is burned when loans are repaid, and the stability module swaps USDC or USDT for GHO 1:1 within governance-set caps.
- Networks (native issuance)
- Ethereum, Arbitrum, Base, Avalanche, Gnosis, Mantle, Monad, Plasma, XLayer
- Number of networks
- 9
- Website
- aave.com
- Sources
Page URL Aave docs: GHO https://aave.com/docs/ecosystem/gho Aave GHO page https://aave.com/gho Aave help: GHO facilitators https://aave.com/help/gho-stablecoin/facilitators Aave help: GHO Stablecoin https://aave.com/help/gho-stablecoin/gho Aave governance: ARFC GHO Mainnet Launch https://governance.aave.com/t/arfc-gho-mainnet-launch/13574 Aave proposal report: V3 Proposal 8 GSM activation https://github.com/aave-dao/aave-proposals-reports/blob/master/reports/v3-8-gho-gsm-activation.md ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
