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Lending and borrowing platform Aave (AAVE<\/a>) has launched a new decentralized stablecoin on the Ethereum (ETH<\/a>mainnet.<\/p>\n The dollar-pegged stablecoin, called GHO (GHO), is governed by the Aave decentralized autonomous organization (DAO).<\/p>\n Nader Dabit, the director of developer relations at Aave, says<\/a> that GHO is an \u201covercollateralized\u201d stablecoin.<\/p>\n \u201cAnyone can mint GHO using the assets they supply into the Aave Protocol V3 Ethereum market as collateral, ensuring that GHO is overcollateralized by a multitude of assets.<\/em><\/p>\n With GHO, the underlying mechanics and policies are fixed and cannot be changed arbitrarily by a centralized entity or an individual. All transactions are conducted via self-executing smart contracts, and all information regarding GHO transactions is published and auditable directly from blockchain or from many user interfaces.\u201d<\/em><\/p>\n Avee says<\/a> in GHO’s launch announcement that the stablecoin is transparent and committed to the protocol’s community.<\/p>\n \u201cThe repaid interest on GHO is redirected to the Aave DAO treasury. This supports the sustainability of the protocol and the ongoing development of new features\u201d.<\/em><\/p>\n More than 2.7 million GHO tokens have already been minted on Ethereum since the stablecoin officially launched<\/a> on Saturday, according to the project’s website<\/a>,<\/p>\n GHO fell from its dollar peg to a low of around $0.978 at one point on Sunday. It is trading at $0.982 at the time of writing.<\/p>\n Don’t Miss a Beat SUBSCRIBE<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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