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Aave USDT

Aave has launched GHO, its algorithmic dollar-pegged stablecoin on Ethereum in the decentralized finance space.Aave’s DeFi protocol has released GHO, its algorithmic USD-pegged stablecoin on Ethereum’s mainnet, with $2.19 million worth of GHO minted to date.Aave revealed the launch of GHO stablecoin through a July 16 blog post, describing it as a “decentralized, over-collateralized” asset. The stablecoin is backed by various <a href="https://cryptosheadlines.com/us-house-committees-plan-to-hold-hearings-together-to-discuss-digital-asset-regulations/" rel="noopener noreferrer nofollow">digital assets</a>, including Ethereum’s Ether (ETH) and Aave’s AAVE token, which is currently trading at $78.96.GHO’s <a href="https://cryptosheadlines.com/woo-x-exchange-to-list-sui-token-after-mainnet-launch/" rel="noopener noreferrer nofollow">mainnet launch</a> followed a community governance vote where almost all of the 424 participating addresses voted in favor of the stablecoin.Unlike centralized stablecoins like <a href="https://cryptosheadlines.com/strong-turkish-demand-for-tether-usdt-surges-amid-liras-challenges/" rel="noopener noreferrer nofollow">Tether’s USDT</a>, which faced criticism due to a perceived lack of transparency regarding their reserves, GHO’s assets are transparent and verifiable. Aave states that the backing assets can be confirmed through <a href="https://cryptosheadlines.com/on-chain-data-indicates-xrp-bulls-are-emerging/" rel="noopener noreferrer nofollow">on-chain data</a>.Aave stated that all GHO transactions are executed through self-executing <a href="https://cryptosheadlines.com/european-blockchain-sector-fights-against-rules-impacting-smart-contracts/" rel="noopener noreferrer nofollow">smart contracts</a>, and data related to these transactions is accessible and auditable directly from the blockchain or through various user interfaces.Furthermore, Aave mentioned that GHO’s revenue will strengthen its DAO treasury, and governance responsibilities will be entrusted to AAVE and stkAAVE token holders.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ef0aa9c4a06c4eb087a85b4a453ac534.webp" />Total circulating supply of GHO since inception. Source: DeFiLlamaThe GHO stablecoin is now accessible to the public, allowing anyone to mint GHO by using the assets they supply as collateral in the Aave Protocol V3 Ethereum market. This ensures that GHO remains overcollateralized by a variety of assets.<a href="https://cryptosheadlines.com/sec-sues-celsius-ceo-arrested-altcoin-crashes/" rel="noopener noreferrer nofollow">Also Read: SEC Sues Celsius! CEO Arrested, Altcoin Crashes!</a>GHO’s <a href="https://cryptosheadlines.com/hong-kongs-first-digital-launches-stablecoin-with-assistance-from-bnb-chain/" rel="noopener noreferrer nofollow">launch adds to the increasing number of DeFi-native algorithmic stablecoins</a>. Earlier, on May 4, Curve, a <a href="https://cryptosheadlines.com/voltz-introduces-sofr-swaps-on-avalanche-defi-protocol/" rel="noopener noreferrer nofollow">DeFi protocol</a>, released its flagship algorithmic stablecoin called crvUSD.Currently, MakerDAO’s Ethereum-based stablecoin DAI holds the position of the largest algorithmic stablecoin in circulation, with a <a href="https://cryptosheadlines.com/solana-overtakes-polygon-securing-the-9th-position-in-market-capitalization/" rel="noopener noreferrer nofollow">market capitalization</a> of $4.28 billion, as per DeFiLlama data.Nevertheless, the centralized <a href="https://cryptosheadlines.com/trust-reserve-stablecoin-issuers-team-arrested/" rel="noopener noreferrer nofollow">issuers like Tether and Circle continue to dominate the total stablecoin</a> market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c640c9d35321482aa0d51aa77d64233a.webp" />Stablecoin dominance by market capitalization. Source: DeFiLlamaCurrently, <a href="https://cryptosheadlines.com/advocates-push-for-hong-kong-government-stablecoin-to-rival-tether-and-usd-coin/" rel="noopener noreferrer nofollow">Tether’s USDT and Circle’s USD Coin</a> USDC, both valued at $1.00, make up 87% of the total circulating supply of U.S. dollar-pegged stablecoins.As of the publication time, GHO is trading slightly below the targeted $1 peg at $0.9927, with a recorded low of $0.9814 on July 16, based on CoinMarketCap price data.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a> and <a href="https://www.threads.net/&#64;cryptosheadlines" rel="noopener noreferrer nofollow">Threads App</a>

Aave Launches GHO Stablecoin on Ethereum Mainnet

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