GHO (GHO)

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Historical price evolution of GHO

Daily historical data. Updated automatically.

GHO was born as an initiative by the Aave team, which published on 7th July 2022 the formal proposal to create this decentralised and overcollateralised stablecoin native to the Aave protocol. The original design contemplated a facilitator mechanism and governance through the Aave DAO. After more than one year of development, on 15th July 2023 the official launch of GHO occurred on Ethereum mainnet, backed by an Aave DAO vote that obtained support from 99% of participants, representing 424 addresses. In the first 48 hours, 2.5 million GHO were minted, with an initial price around $0.97.

During 2024, the GHO ecosystem experienced significant expansion in functionalities. In January the stkGHO staking module was launched, allowing holders to obtain additional yield through AAVE token emissions. February brought the Merit programme developed by the Aave Chan Initiative (ACI), establishing a second yield source for GHO stakers. In the first quarter, the Aave DAO implemented increases in borrowing rates and launched the GHO Stability Module (GSM), which allows exchanging GHO for USDC/USDT at 1:1 ratio, managing to recover and stabilise the peg near $1. 2nd July 2024 marked an important milestone with the deployment of GHO on Arbitrum via Chainlink CCIP, backed by a fund of 750,000 ARB from the Arbitrum DAO, representing its first cross-chain expansion.

The year 2025 consolidated institutional adoption and multichain expansion of GHO. In February, the Ethereum Foundation borrowed 2 million dollars in GHO from Aave, providing notable institutional validation. On 10th February, GHO was deployed on Base, Coinbase's L2, also via Chainlink CCIP. March introduced the innovative "anti-GHO" mechanism, a non-transferable token minted by AAVE stakers that allows offsetting GHO debt 1:1 or converting to stkGHO, incentivising staking and liquidity management. On 26th June, GHO reached Avalanche, marking its first deployment on an L1 other than Ethereum.

The latest developments of 2025 and 2026 have positioned GHO as a central piece of the Aave ecosystem. In October 2025, stkGHO was launched through Aave's Umbrella module, offering approximately 8.4% APY, where staked GHO acts as protocol backing against deficits, assuming slashing risk. On 14th November 2025, Aave Labs obtained MiCA approval in the EU, enabling euro-GHO conversions without fees via its Push service, with potential access for more than 450 million Europeans. In March 2026, governance approved Aave V4 with more than 645,000 AAVE tokens in favour, positioning GHO as the central settlement asset in the new Hub-and-Spoke architecture. On 3rd April 2026, Savings GHO (sGHO) was launched, a savings product with 4.25% APR for retail deposits, without lockup or slashing risk. On 12th April, the Aave DAO approved a grant of 31.8 million dollars for Aave Labs (25M in stablecoins including GHO + 75,000 AAVE), the first binding action of the "Aave Will Win" framework. By May 2026, the circulating supply exceeded 584 million GHO with the peg stabilised around $1.

GHO is a decentralised stablecoin pegged to the US dollar that operates within the Aave ecosystem, differentiating itself from centralised stablecoins such as USDT or USDC through its backing based on cryptographic collateral rather than bank reserves. Users can generate GHO by depositing approved assets as collateral in Aave V3 smart contracts, minting new tokens against that secured position and paying an interest rate determined by the Aave DAO. When borrowers repay the loan, GHO tokens are automatically burnt, ensuring that each token in circulation maintains collateral backing above its face value.

The protocol implements a facilitator system that allows different entities approved by governance to mint and burn GHO within established maximum limits, providing operational flexibility without compromising system security. stkAAVE holders receive discounts on borrowing rates, whilst generated interest is directed to the DAO treasury rather than to traditional liquidity providers. To maintain parity with the dollar, GHO utilises overcollateralisation mechanisms, automatic liquidations when collateral depreciates, and the GHO Stability Module that allows GHO to be exchanged for USDC or USDT at a 1:1 ratio minus a fee. Although originally issued on Ethereum, GHO can be transferred to networks such as Arbitrum, Base and Avalanche via Chainlink CCIP infrastructure.

Data verified against external sources. Some values may have changed since the last update.