Aave DAO Launches GHO Stablecoin on Ethereum Mainnet
The Aave DAO has successfully launched the GHO stablecoin on the Ethereum mainnet. This dollar-pegged stablecoin was proposed as a way for users to mint GHO by supplying crypto collateral to Aave v3. Here are the key points:
1. $2.2 Million GHO Minted: GHO is slightly different from other stablecoins as repaid interest is redirected to the Aave DAO treasury to support the sustainability of the protocol and development of new features. AAVE token stakers receive a discount for minting GHO. At the time of writing, 2.2 million GHO have been minted.
2. Facilitators and Collateral: Minting GHO requires facilitators approved by Aave Governance, who can mint a specified amount agreed upon by the DAO. GHO can be minted with any collateral on the Aave v3 protocol.
3. Stablecoin Market: The stablecoin market is worth around $128 billion, representing 10% of the total crypto market capitalization. Tether dominates with a 65% market share and $83.7 billion USDT in circulation. USDC has a 21% market share with $27.3 billion in circulation, while DAI is the third largest stablecoin with $4.3 billion.
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