GHO Stablecoin
GHO is Aave's native decentralized stablecoin. Borrowers mint GHO by depositing overcollateral into Aave V3. Unlike other borrowed assets, GHO has a fixed interest rate set by governance and all interest flows to the Aave DAO treasury.
GHO Minting Flow
Interest Rate Comparison
GHO has a fixed borrow rate set by governance — other stablecoins use variable rates that fluctuate with utilization.
GHO (Fixed)
2.50%
USDC (Variable)
3.80%
DAI (Variable)
4.20%
USDT (Variable)
3.50%
Facilitators
Entities approved by governance to mint/burn GHO, each with a capacity cap (bucket).
Aave V3 Pool
Primary facilitator — users deposit collateral and mint GHO
Bucket: 68M / 100M
FlashMinter
Mints GHO for flash loans — must be repaid in same tx
Bucket: 2.4M / 20M
stkAAVE Discount Calculator
Stake AAVE in the Safety Module to get a discounted GHO borrow rate. More stkAAVE = bigger discount, up to a cap.
Base Rate
2.50%
Your Rate
1.88%
Annual Savings
$62
Discount
25%
Stability Module (GSM)
The GSM lets users buy/sell GHO at a fixed price, creating arbitrage flows that keep the peg.
GHO below $1
Buy GHO cheap → redeem at $1
GHO above $1
Mint via GSM → sell at premium
GHO Metrics Dashboard
Total GHO Supply
142M
Borrow Rate
2.50%
Aave V3 Bucket Cap
100M
FlashMint Cap
20M
stkAAVE Discount
Up to 50%
DAO Revenue (APR)
~$3.5M