GHO is a crypto-backed US dollar stablecoin issued by Aave DAO. It has about $698M in circulation, ranking #18 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
GHO price
$0.9993
On peg Circulating supply
$698M
30-day change
0.0%
Price
$0.9993
Blockchains
1
Tracked since
Jul 2023
What is GHO?
GHO is a crypto-backed US dollar stablecoin issued by Aave DAO. It has about $698M in circulation, ranking #18 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
GHO is minted when Aave users borrow against their collateral. Holders can stake it in Aave's savings module for a variable rate.
In the issuer's words: GHO is a native decentralized, overcollateralized digital asset pegged to USD.
GHO supply history
$720M$339M
Oct 8, 2025Oct 8, 2026
$720M$0
Jul 15, 2023Oct 8, 2026
GHO supply was flat over the past 30 days. It is at or near its all-time high.
Is GHO holding its peg?
Last price
$0.9993
Target
1.0000 USD
Status
On pegGHO is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where GHO lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all GHO. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How GHO is backed
GHO is backed by over-collateralised crypto deposited by borrowers on Aave.
Minting and redemption: It is created by users via borrowing against multiple collateral. When user repays their GHO borrow position, the protocol burns that user's GHO. All the interest payments accrued by minters of GHO would be directly transferred to the AaveDAO treasury.
Reserve reports and audits: github.com
GHO risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
GHO vs USDT and USDC
Similar crypto-backed stablecoins
See all →
GHO in the news
CityVest borrowed $425,000 from advised funds without disclosing the conflicts
Ethereum EIPs split AA transactions, retire 0x00 validators
Coinbase wins CFTC approval to clear US crypto derivatives
GHO guides
- Stablecoin Yield: Live Rates and Where the Interest Comes FromLive APYs for the biggest stablecoin savings and lending products, where each rate comes from, and the risks behind yields above the Treasury-bill rate.
GHO FAQ
What is GHO?
GHO is a crypto-backed US dollar stablecoin issued by Aave DAO. It has about $698M in circulation, ranking #18 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is GHO pegged 1:1 to the US dollar?
GHO targets 1 USD. At the last update it traded at $0.9993, a deviation of -0.08%, which we classify as "on peg".
What backs GHO?
GHO is a crypto-backed stablecoin. Over-collateralised crypto deposited by borrowers on Aave.
Which blockchains is GHO on?
GHO is live on 1 blockchain. The largest by supply are Ethereum ($699M).
How much GHO is in circulation?
About $698M of GHO was in circulation at the last update, 0.0% over 30 days. That makes it the #18 stablecoin by supply among those we track.
Does GHO pay interest?
No. GHO does not pay yield to holders directly. Any interest earned on its reserves goes to the issuer. Some platforms offer rewards for holding it, but those are paid by the platform, not by GHO.
Is GHO safe?
No stablecoin is risk-free. As a crypto-backed design, GHO's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.