🥇
Kra
Kraken
US and EU users who prioritise a spotless security record — no major hack since 2011 — and want a serious pro-grade trading terminal.
9.1
Score
★ Live priceRank · #88StablecoinsUSD · spot
GHO
GHO
$0.998896
24h
+0.02%
7d
+0.07%
30d
+0.10%
1y
+0.04%
24h low24h high
$0.99852
$0.998986
Market cap
$648.27M
Rank #88
24-hour volume
$5.57M
spot and derivatives
Circulating
649M
100.0% of max
All-time high
$1.03
−3.01% from ATH
Price action
12-month historyGHO price chart
Range$0.997494 → $0.999865−0.03%
$0.999865$0.999272$0.998679$0.998087$0.997494
April 30, 2026July 24, 2026
Snapshot
Key numbers
Rank
#88
Market cap
$648.27M
24h volume
$5.57M
FDV
$648.27M
Circulating
649M
Max supply
649M
Calculator
GHO converter
Convert between GHO and US dollars at the live rate.
★ Live rate1 GHO = $1.00
GHO
$USD
Records
GHO all-time history
▲ All-time highFebruary 28, 2024
$1.03
−3.01% from current
▼ All-time lowOctober 23, 2023
$0.917065
+8.92% from current
Where to buy
Full ranking Top exchanges for GHO
Independent editorial ranking. Score is 0–10 across six criteria: Security, Fees, UX, Features, Support, Reputation.
- 🥈CoiCoinbase Exchange
Institutions and funds requiring an SEC-registered venue with segregated qualified custody and audited on-chain reserves.
9.0Score - 🥉BinBinance
Active spot traders chasing the deepest global liquidity and the widest listing catalogue outside the US perimeter.
8.8Score - #4OKXOKX
Traders who mix spot and on-chain — the Web3 wallet, DEX aggregator and Ethereum L2 X Layer sit inside the same account as CEX pairs.
8.4Score - #5BitBitstamp
Long-horizon EU holders who want the oldest continuously-operating exchange (2011) with conservative listings and full MiCA licensing.
8.4Score - #6BybBybit
Derivatives-first traders who want tighter perp funding and a maker-friendly fee schedule; accept offshore regulatory footprint.
8.0Score
Adjacent
More Stablecoins
Top coins in the same category, ordered by market cap.
Briefing
About GHO (GHO)
What is GHO?
GHO is Aave's native stablecoin, launched in July 2023 as the first major stablecoin issued by an established DeFi lending protocol. GHO is minted by users who borrow it against collateral in Aave V3 (and progressively V4). Unlike USDC or USDT which are backed by off-chain reserves, GHO is overcollateralised by on-chain assets held in Aave pools — more similar to DAI's original crypto-backed design than to fiat-backed stablecoins.
In 2026, GHO has grown to become one of the top-15 stablecoins by market capitalisation with several hundred million dollars in circulation. Growth has been steady rather than explosive — the launch was hampered by early peg-stability challenges that were addressed through the GHO Stability Module and various governance-driven improvements. Since 2024, GHO has traded reliably near $1 and expanded to multiple networks beyond Ethereum L1.
GHO is deeply integrated across DeFi — available on Uniswap, Curve, Balancer as trading pairs; accepted as collateral by other lending protocols including Sky Protocol; used in various yield strategies. Its main advantage over other stablecoins is native integration with Aave's substantial user base — Aave depositors can unlock dollar liquidity via GHO without leaving the Aave ecosystem.
How GHO is minted and maintained
Users mint GHO by borrowing it in Aave V3 or V4 against approved collateral (USDC, ETH, WBTC, stETH, and other supported assets). The user posts collateral, opens a GHO borrow position, and receives newly-minted GHO. Interest on GHO borrowing (the "discount rate") is paid by borrowers and flows to the Aave Treasury.
GHO holders can lock GHO into sGHO for yield exposure (introduced in later releases). The sGHO yield mechanism captures a portion of GHO interest revenue and distributes it to sGHO holders — similar in concept to Sky's sUSDS or Ethena's sUSDe.
The GHO Stability Module (GSM) is critical to peg stability. GSMs allow direct 1:1 conversion between GHO and specific whitelisted stablecoins with fee-adjusted mechanics. This provides efficient arbitrage keeping GHO near $1, similar to DAI's PSM mechanism.
Use cases for GHO in 2026
- Borrow against Aave collateral. Existing Aave depositors can unlock dollar liquidity without leaving Aave.
- Hold sGHO for yield. Stake GHO to receive a share of GHO interest revenue.
- DeFi trading and liquidity provision. GHO trading pairs on Uniswap, Curve, Balancer.
- Cross-chain use. GHO deployed on multiple networks beyond Ethereum L1.
- Payments and remittances. Growing use for on-chain dollar transfers.
- Collateral in other DeFi protocols. GHO accepted by Sky Protocol vaults and various other DeFi.
Risks and structural questions
- Aave-dependent adoption. GHO growth is closely tied to Aave user activity; slower Aave growth affects GHO growth.
- Peg stability history. Early GHO had peg deviations; mechanism improvements address these but confidence takes time to rebuild.
- Cross-chain deployment complexity. Managing GHO across multiple chains creates operational complexity.
- Stablecoin market competition. USDC (regulated), USDT (dominant), USDe (yield), USDS/DAI compete for on-chain dollar demand.
- Regulatory perimeter. Decentralised stablecoins face regulatory scrutiny; MiCA and GENIUS Act frameworks were designed for centralised issuers.
- Aave governance dependency. GHO parameters (borrow rate, GSM fees, discount factors) are controlled by Aave governance.
Outlook for GHO in 2026
GHO's 2026 outlook is defined by continued Aave ecosystem growth and GHO's expansion beyond core Aave users. As one of the newest major stablecoins with a strong sponsor (Aave), GHO has a credible path to top-10 stablecoin status. Whether it reaches that scale depends on adoption pace and continued protocol execution.
For a comparison of GHO versus DAI, USDC, USDT, and other stablecoins, see our stablecoin comparison guide.
Analysis last updated:
GHO price analysis
GHO (GHO) trades at $0.998896 with a 24-hour volume of $5.57M and a market capitalization of $648.27M. The asset is currently ranked #88 among all tracked cryptocurrencies.
In the last 24 hours, the GHO price has risen +0.02%. On a seven-day window, GHO has climbed +0.07%, showing consistent upward momentum across both windows. Short-term moves are often amplified by liquidity, news flow, and derivatives positioning, so confirm signals across multiple indicators before acting.
GHO's all-time high of $1.03 was set on February 28, 2024. The current price sits +3.01% below that peak. Distance from the all-time high is a common reference point when evaluating long recoveries and macro support or resistance.
How to buy GHO
Buying GHO (GHO) is a five-step routine once you have picked the right venue and pair. The steps below mirror what most investors do today.
- Pick a reputable exchange. Choose a platform that lists GHO with deep liquidity, transparent fees, and a clean security record. Our top-rated exchanges guide compares the leading venues side by side.
- Create and verify your account. Complete the exchange's KYC process — most platforms require a government-issued ID and a short identity check. It is a one-off step that usually takes a few minutes.
- Fund your account. Deposit fiat via bank transfer or card, or use a stablecoin like USDT or USDC. Stablecoin deposits settle the fastest and cost the least.
- Place a buy order. Open the GHO/USD or GHO/USDT pair, then execute a market order for instant fills or a limit order at your preferred entry.
- Secure your GHO. For long-term holdings, move tokens to a non-custodial wallet — a hardware device for highest security, or a reputable software wallet for frequent access.
You can also use the GHO converter above to estimate how much GHO you would get for a given dollar amount before placing the order.
Is GHO a good investment?
Whether GHO is a good investment depends on your goals, time horizon, and tolerance for volatility. Like all cryptocurrencies, GHO carries real market risk: prices can rise or fall sharply in a day, and past performance is not a reliable indicator of future returns.
Potential strengths
- Ranked #88 by market cap with an established trading history and active exchange coverage.
- Transparent on-chain data: real-time supply, circulation metrics, and publicly auditable transactions.
- Ongoing ecosystem development and community engagement, reflected in Stablecoins and USD Stablecoin activity.
Key risks to consider
- Volatility: 5–15% intraday moves are common across crypto markets.
- Regulatory uncertainty: policy changes in major jurisdictions can meaningfully affect price and access.
- Liquidity and custody risk: not all exchanges are equally safe, and self-custody requires careful key management.
This page provides data and analysis for educational purposes only. It is not financial advice. Always do your own research, diversify, and never invest more than you can afford to lose.
FAQ
Common questions about GHO
What is GHO?
GHO is Aave's native stablecoin, launched July 2023. Users mint GHO by borrowing against collateral in Aave V3/V4. Unlike USDC/USDT, GHO is overcollateralised by on-chain assets rather than backed by off-chain reserves — closer to DAI's original design.
How does GHO stay pegged to $1?
GHO peg is maintained through overcollateralisation of Aave positions, automatic liquidation of underwater positions, and the GHO Stability Module (GSM) that allows direct 1:1 conversion with specific whitelisted stablecoins.
What is sGHO?
sGHO is staked GHO — a yield-bearing wrapper that captures a portion of GHO interest revenue and distributes it to sGHO holders. Similar concept to Sky's sUSDS or Ethena's sUSDe.
How is GHO different from DAI?
Both are decentralised stablecoins backed by crypto collateral. DAI is issued by Sky Protocol (independent of any lending market). GHO is issued directly by Aave — Aave depositors can mint GHO against their Aave collateral without leaving the Aave ecosystem.
How many GHO tokens are there?
GHO supply grows as users mint new GHO through Aave borrowing. As of July 2026, GHO market cap is in the top-15 stablecoins with several hundred million dollars in circulation.
Is GHO safe?
GHO is overcollateralised by on-chain assets in Aave pools and has operated reliably since mechanism improvements in 2024. It carries smart contract risk (audited but not eliminated) and stablecoin peg risk. Post-2024 peg stability has been strong.
Where can I get GHO?
GHO can be minted directly through Aave by borrowing against collateral. It is also available on major DEXs (Uniswap, Curve, Balancer) and some centralised exchanges. See our stablecoin rating for detailed recommendations.
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