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Aave’s GHO Stablecoin Launches on Ethereum Mainnet, Here’s All You Need to Know
Decentralized finance (DeFi) protocol Aave has launched its GHO stablecoin on the Ethereum mainnet. The launch, which appears to have been well received, saw the circulating supply of the stablecoin quickly increase by $1.5 million within 24 hours of the launch. As of publication, however, over $2.19 million worth of GHO has now been minted.
The launch came shortly after an interesting community governance vote, which saw nearly all 424 participating addresses vote in favor of the new stablecoin.
Aave to Capitalize on Transparency of Reserves
According to Aave’s announcement, the algorithmic GHO stablecoin is pegged against the United States dollar and is backed by several digital assets. Most notably, its reserves include Ethereum’s native currency Ether (ETH), and Aave’s native token AAVE.
It might be worth mentioning that centralized stablecoins such as Tether (USDT) continue to be
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