Decentralized finance (DeFi) protocol Aave has rolled out its GHO stablecoin on the Ethereum mainnet, and $2.19 million worth of GHO has been minted so far at the time of writing.

Announcing the launch of the United States-dollar pegged GHO stablecoin on a July 16 blogpost, the Aave team described the asset as a “decentralized, over-collateralized” cryptocurrency.

GHO has launched on the Ethereum mainnet following a community governance vote which witnessed nearly 100% of the 424 voters in favor of the new stablecoin launch.

The stablecoin is also backed by a “multitude” of digital assets which include Aave’s native currency AAVE and Ethereum’s native token Ether (ETH).

According to Aave, all GHO transactions “are performed through self-executing smart contracts, and all data regarding GHO transactions is available and auditable directly from the blockchain or via numerous user interfaces.”

Given that the stablecoin is now available to the public, Aave noted that “anyone 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.”

Sources:

https://cointelegraph.com/news/aave-protocol-launch-stablecoin-gho-ethereum-mainnet

https://unchainedcrypto.com/aave-launches-decentralized-stablecoin-gho-on-ethereum/

https://twitter.com/GHOAave/status/1680217243282489345