Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin. At least this much: 4 of 5 chains read
Share of total stablecoin supply
#13 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #32 of 98 issuers; 5 with material supply
Share of supply in lending
lower bound; above the median issuer (3.2%)
The Aave DAO governs GHO, a decentralized overcollateralized USD-pegged stablecoin minted against collateral supplied to the Aave protocol via approved facilitators.
Who issues it
No company issues GHO. Contracts mint it, under rules set by the Aave DAO. Aave's documentation describes the DAO as "a decentralised collective of AAVE token holders and contributors".
Voting power sits with holders of AAVE, stkAAVE and aAAVE on Ethereum mainnet. A change starts as a forum post, goes to a Snapshot temp check, then a formal ARFC, then an onchain vote. A passed proposal waits one day or seven days in a timelock before it executes.
What the DAO runs
The DAO governs the Aave Protocol, a lending market. GHO is its stablecoin, introduced in July 2023. Interest paid by GHO minters goes to the Aave DAO treasury.
Who does the work
Service providers handle day-to-day operations. Aave's governance page lists LlamaRisk, Certora, TokenLogic and Aave Labs as examples. GHO's market parameters sit with the GHO Stewards, set up in April 2024. As of 2 October 2026 they act through a 2-of-3 Safe whose signers are Aave Labs, LlamaRisk and TokenLogic, inside thresholds set by governance.
Sources: Aave documentation, Governance, Aave documentation, GHO ecosystem overview (GHO Stewards), Aave help centre, GHO Stablecoin (interest to DAO treasury), Aave governance forum, [ARFC] GHO Stewards Signer Update (5 August 2026), Etherscan, GHO Risk Council Safe, Etherscan, first GHO mint (15 July 2023)
GHO is Aave (GHO)'s only stablecoin.
GHO's supply, counted once across its chains.
Supply of every coin Aave (GHO) issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$698.1M
Read on 4 chains, all in the total
Ethereum94%$659.6M
Arbitrum5%$37.6M
Base<1%$773.0K
Avalanche<1%$128.5KIn DIA's latest read, GHO sits 13 bps below its USD peg. GHO's typical daily move over the last 90 days was 4.4 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
 GHOUSD | −13 bps (−0.13%) | 4.4 bps | −28 bps (−0.28%) | None identified |
$282.7M supplied to 13 lending markets on 6 protocols. That is 40.5% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Aave (GHO) coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Aave (GHO) issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 52% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$282.7M
supplied to 13 lending markets on 6 protocols
61%
Borrowed
share of supplied stablecoins now on loan
2.00%
Average supply APY
weighted by the balance in each market
Ethereum49%$138.1MEthereumGHO$135.2M76%BaseGHO$1.3M5.57%90%AvalancheGHO$1.0M3.68%89%ArbitrumGHO$553K3.68%90%
21%$60.0MEthereumGHO$60.0M0.50%17%19%$52.4MEthereumGHO$52.4M1.88%55%11%$30.8MEthereumGHO$28.5M4.88%84%ArbitrumGHO$1.9M3.44%74%BaseGHO$433K3.92%76%<1%$1.3MEthereumGHO$668K3.69%90%EthereumGHO$617K4.00%90%EthereumGHO$51K4.02%89%<1%$5KEthereumGHO$5KEthereumin 8 lending markets98%$277.5MArbitrumin 2 lending markets1%$2.5MBasein 2 lending markets1%$1.7MAvalanchein 1 lending market<1%$1.0MEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
40.5%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.2%)
A protocol or DAO with no issuing legal entity, where the absence of a licence is the design rather than a gap in our records.
What is published
GHO's backing is collateral held in Aave's contracts. Aave states that "Every GHO is backed by more than $1 of crypto held inside Aave." Users supply approved collateral to the Aave V3 Ethereum market and borrow GHO up to their collateral factor. Stablecoins swapped into the GHO Stability Module are held as reserves backing GHO. Aave says these reserves are held as Aave-wrapped tokens.
Aave's GHO product page links a GHO Analytics dashboard, hosted by TokenLogic, that breaks the backing down by collateral asset.
All GHO originates on Ethereum mainnet. Other chains receive it through Chainlink CCIP, which locks GHO on mainnet and mints it on the destination chain.
Audits
The aave-dao gho-origin repository holds reviews by OpenZeppelin, ABDK, Certora, Sigma Prime, Emanuele Ricci and others, dated August 2022 to March 2026. These are smart contract reviews.
Sources: Aave, GHO product page, Aave documentation, GHO ecosystem overview, Aave developer documentation, GHO cross-chain design, aave-dao/gho-origin repository, audit list, Aave GHO Analytics dashboard, collateral page (hosted by TokenLogic), GitHub, aave-dao/gho-origin audits folder
The Aave DAO has one stablecoin on the map: GHO, pegged to the US dollar.
GHO's approved minters are called facilitators. Each has a cap, its bucket capacity, set by Aave Governance. On Ethereum, direct minters mint GHO and supply it to Aave V3 markets, where users borrow it against collateral. The GHO Stability Module converts approved tokens such as USDC and USDT into GHO 1:1. On other chains, a CCIP facilitator mints GHO that arrives from Ethereum. A flash-mint facilitator mints and burns within one transaction.
Holders can deposit GHO into sGHO, a savings contract. Aave says the sGHO rate is set by governance and funded by borrower interest and stablecoin reserve yields.
Sources: Aave help centre, What are GHO facilitators?, Aave documentation, GHO ecosystem overview (GHO Stability Module), Aave, GHO product page (sGHO), Aave governance forum, [ARFC] BGD. GhoDirectMinter, Etherscan, GHO token contract (facilitator list)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated