GHOGHO

Aave's US-dollar stablecoin, minted against collateral by facilitators that Aave governance approves.

Rank #88Since July 2023

Price on 31 Oct 2026

C$1.40 -0.5% since 31 Jul 2026 · 6.4% below its all-time high

The short version

GHO is a dollar stablecoin created by the Aave protocol: facilitators approved by Aave token-holder votes mint it, mainly against collateral in the Aave V3 Ethereum market, and all borrower interest goes to the Aave DAO treasury. It launched on Ethereum on 15 Jul 2023. Holders can deposit into sGHO to earn the Aave Savings Rate, which the DAO's stewards raised from 4.25% to 4.50% on 27 Aug 2026. On 31 Oct 2026 one GHO cost C$1.40. From 31 Jul 2026 to 31 Oct 2026 its price changed -0.5% in Canadian dollars, and it was 6.4% below its all-time high of C$1.49 set on 2 Feb 2025.^[1]

Facts checked 2 Nov 2026 · 11 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$1.43 (12 Oct 2026) · low C$1.35 (29 Jan 2026) · -0.8%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$1.39	US$0.9983
30 Sep 2026	C$1.42	US$0.9993
31 Aug 2026	C$1.39	US$0.9993
31 Jul 2026	C$1.40	US$0.9987
30 Jun 2026	C$1.42	US$0.9979
31 May 2026	C$1.38	US$0.9986
30 Apr 2026	C$1.36	US$0.9992
31 Mar 2026	C$1.39	US$0.9988
28 Feb 2026	C$1.36	US$1.00
31 Jan 2026	C$1.35	US$0.9978
31 Dec 2025	C$1.37	US$0.9989
30 Nov 2025	C$1.40	US$0.9989

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$1.40^[1]
3-month change: -0.5% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 6.4% below its high of C$1.49 (2 Feb 2025)^[1]
Market rank: #88, market value about C$975.3M^[1]
Kind: Stablecoin · Ethereum (ERC-20); bridged by CCIP to Arbitrum, Base, Avalanche, Gnosis, Mantle, Monad, Plasma and XLayer
Started: July 2023

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?NoOnly facilitators approved by Aave governance votes mint, within bucket caps; stewards adjust caps inside voted limits^{[2, 3]}

Can anyone freeze or take coins from holders?NoNo blacklist, pause or burn-from function in the GHO token contract^{[3, 4]}

Can the token's contract code be changed?NoFixed contract code on Ethereum, not a proxy^[4]

Is the supply capped?NoNo maximum; supply follows borrowing within governance-set bucket capacities^[2]

Any scheduled unlocks in the next 12 months?NoNo vesting or locked allocations^[2]

Does a team or foundation hold over 10% of supply?NoNo team or investor allocation; GHO is minted against collateral^[2]

Do network fees reach coin holders?YessGHO depositors earn the 4.50% Aave Savings Rate, funded by the Aave DAO^{[5, 6]}

Main network hacked or halted in the past 2 years?NoNo exploit of the GHO token or facilitator contracts in the DefiLlama hacks list^[7]

Is a regulator or court case targeting the coin itself?NoNo regulator or court case found^[8]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by: Aave DAO governance; built by the Aave team and launched 15 Jul 2023 after a governance vote^[8]
Mint roles: FACILITATOR_MANAGER_ROLE and BUCKET_MANAGER_ROLE in the GhoToken contract add facilitators and set caps, under Aave governance^{[2, 3]}
Stewards: A 3-of-4 multisig of Aave service providers adjusts caps, rates and bucket sizes within governance limits, once a day each^{[2, 6]}
Admin powers: No blacklist, pause or freeze function in the GHO token; not a proxy^{[3, 4]}

Supply

In circulation: 699.00M GHO^[1]
Maximum supply: None set^[1]
Outstanding: US$697.8M on 2 Nov 2026 (DefiLlama); 69% from loans and 31% from GSM swap modules (Aug 2026)^{[9, 5]}
Backing: Over-collateralised loans in Aave V3 plus GSM stablecoin reserves; minted only within governance-set bucket caps^[2]
Savings: 158.6M GHO in sGHO on 27 Aug 2026; about three quarters of circulating GHO sits in savings products^[5]

Use and fees

Main use: Borrowing against Aave collateral, saving via sGHO, and cross-chain transfers through Chainlink CCIP^[2]
Who gets fees: 100% of GHO borrow interest goes to the Aave DAO treasury; stkAAVE stakers get a borrow discount^[8]
Rates: Ethereum Core borrow rate 3.75% to 4.25% and savings rate 4.25% to 4.50%, set from 27 Aug 2026^[5]

Trading

Daily trading: About C$6.9M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 0.55% of its market value changes hands each day^[1]
20-week average: 0.0% below its 20-week average price^[1]
1-year change: -0.2% in C$^[1]^[10]
Thin trading: Typically under 1% of its market value trades in a day^[1]

History

Not a forecast

Coins ranked 51-200 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 4,050 cases, 612 coins

39% were higher a year later^[11]

Typical result: Median -25% after a year; 45% higher after two years
Lost half or more: 38% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

No red flags found

The sGHO rate is set by a 3-of-4 multisig of Aave service providers, with a contract maximum of 50% APR and a 400M GHO vault cap.^[6]
USDT backing in the Ethereum GSM fell from 53.2M to 40.8M between 13 and 27 Aug 2026; the USDC GSM was effectively empty.^[5]
GHO is issued on Ethereum and bridged by CCIP to Arbitrum, Base, Avalanche, Gnosis, Mantle, Monad, Plasma and XLayer.^[2]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.