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
0.2% of USD stablecoin supply · 15th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
16th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
17th of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Aave V3 savings · 4.50% base, 0% rewards
GHO is a USD stablecoin issued by Aave (GHO), launched on 15 Jul 2023.
GHO is a lending protocol's own stablecoin. Aave DAO sets its borrow rate through governance, and Aave states that interest paid by GHO minters goes directly to the Aave DAO treasury. GHO traded below $1 from its July 2023 launch and was still at $0.98 in January 2024. Governance raised the borrow rate in steps over that stretch, and an October 2023 proposal sought to lift it from 3.00% to 4.72%.
GHO comes into existence when a facilitator mints it. In the Aave V3 Core, Lido and Horizon markets on Ethereum, a direct minter mints GHO and supplies it to the market, and users borrow that GHO against collateral they post.
Aave's documentation defines it as "a decentralised, over-collateralised stablecoin that is fully backed, transparent, and native to the Aave Protocol", pegged to the US dollar. It is governed by Aave DAO, which controls every parameter that sets how much can exist.
Minting runs through facilitators, contracts approved by Aave Governance and assigned a bucketCapacity that caps how much GHO each may mint. On Ethereum, the GHO token contract registers eight facilitators as of 2 October 2026. Three are direct minters for the Aave V3 Core, Lido and Horizon markets. Four supply GHO for the stability modules and reserves on Ethereum, Arbitrum, Monad and Plasma. The eighth is the flash minter.
Sources: Aave Protocol Documentation, GHO ecosystem overview, Aave help centre, What are GHO facilitators?, Aave help centre, GHO Stablecoin, Aave governance forum, [ARFC] GHO - Increase Borrow Rate (30 October 2023), Aave governance forum, [ARFC] BGD. GhoDirectMinter, Etherscan, GHO token contract (facilitator list), Aave governance forum, [ARFC] Upgrade Safety Module with StkGHO (Stani Kulechov, 13 January 2024), Etherscan, first GHO mint (15 July 2023)
At least 699.0M GHO in circulation, counting only the chains DIA could read.
DeFiLlama counts material supply on Monad ($7.5M), which DIA does not read yet. The figure above leaves that chain out, so it is a floor, and supply growth over 30 days or longer is not shown.
The contracts on the chains listed report 737.5M GHO in total, before bridged supply is counted once.
Arbitrum, Base, Avalanche hold bridged supply: each token there is backed by Ethereum supply, or by a custodian holding it. The total counts each token once, so bridged supply shows on the chain that holds it, marked “bridged from” its source, and comes off the source chain's row.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across GHO’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
699.0M GHO
0.2% of all USD stablecoin supply, #15 of 70
Read on 4 chains. Not yet read on Monad, so this is a floor.
Ethereum 94.5% · other chains 5.5%
Ethereum660.5M GHO · 94.5%
Arbitrumbridged from Ethereum37.6M GHO · 5.4%
Basebridged from Ethereum774.1K GHO · 0.1%
Avalanchebridged from Ethereum125.5K GHO · <0.1%Supply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Blockscout.
8,147holders on Ethereum
17th of 43 USD stablecoins on Ethereum
| GHO | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 40.9% | 16.5% |
| Top 10 | 51.2% | 53.3% |
| Top 50 | 51.6% | 57.0% |
| Top 100 | 51.7% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
GHO's typical daily move over the last 90 days was 4.4 bps, steadier than 37 of 66 other USD stablecoins.
By default GHO sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much GHO's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
4.4 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, GHO's daily swings around $1 were smaller than those of 37 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 GHO | −15 bps (−0.15%) | 4.8 bps | 4.4 bps | −28 bps (−0.28%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
The borrow rate on GHO is set by Aave governance, not by pool utilisation. GHO Stewards, created in April 2024, hold that lever. As of 2 October 2026 they act through a 2-of-3 Safe whose signers are Aave Labs, LlamaRisk and TokenLogic.
The trigger is a price band. If the trailing 30-day average price of GHO stays outside a range of $0.995 to $1.005, the stewards may adjust the borrow rate by no more than 500bps per two-day period, up to a maximum of 25% APR.
The second lever is the GHO Stability Module, which swaps USDC and USDT for GHO at 1:1.
Sources: Aave Protocol Documentation, GHO Stewards and Stability Module, Aave governance forum, [ARFC] GHO Stewards Signer Update (5 August 2026), Etherscan, GHO Risk Council Safe, Aave, GHO product page
$282.6M of GHO is supplied to 13 lending markets on 6 protocols, 40.5% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much GHO is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed GHO again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of GHO, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for GHO.
Both figures are averages across markets, weighted by how much GHO each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 52% of the balance report an APY.
Ranks and the median compare GHO with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$282.6M40.5% of supply
supplied to 13 lending markets on 6 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
61%
Borrowed
share of supplied GHO now on loan
2.00%
Average supply APY
weighted by GHO balance in each market
By protocol
Ethereum49%$138.0MEthereumGHO$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$5KGHO in lending markets, by chain, largest first. The bar is each chain's share of GHO's lending balance.
Ethereumin 8 lending markets98%$277.4MArbitrumin 2 lending markets1%$2.5MBasein 2 lending markets1%$1.7MAvalanchein 1 lending market<1%$1.0MAmong 41 USD stablecoins in lending markets
Top 5 GHO pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
4.50% | 4.50% | OrganicStable | Ethereum | +0.00% | $201.0M | Savings | ||
0.50% | 1.09% | OrganicVolatile | Ethereum | +0.00% | $60.0M | Lending | ||
1.86% | 2.83% | OrganicStable | Ethereum | +0.00% | $52.4M | Lending | ||
6.97% | 5.96% | MixedStable | Ethereum | +2.09% | $19.2M | Lending | ||
0.15% | 0.13% | LP fees · IL riskStable | Ethereum | +0.00% | $18.4M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
GHO in pool is GHO's own side of the pool, at its USD price. Pool liquidity counts both sides.
$14.1M of GHO sits in 16 DEX pools across 4 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼GHO in pool | 24h volume |
|---|---|---|---|---|---|
| GHO / USDC | Ethereum | – | $9.2M | $0 | |
| GHO / USDC | Ethereum | $3.0M | $2.7M | $5 | |
| GHO / crvUSD | Ethereum | $1.4M | $843.3K | $641.7K | |
| GHO / SUSDE | Ethereum | – | $508.2K | $274.7K | |
| cbBTC / GHO | Ethereum | $534.0K | $274.9K | $13.0K | |
| GHO / fxUSD | Ethereum | $115.7K | $91.9K | $19.3K | |
| GHO / USDT | Ethereum | $143.4K | $70.6K | $294.0K | |
| GHO / USDC | Ethereum | $69.7K | $69.6K | $21.5K | |
| GHO / USDC | Ethereum | $58.7K | $57.3K | $35.2K | |
| GHO / USDC | Base | $54.5K | $53.3K | $298 | |
| GHO / USDC | Ethereum | $80.1K | $47.9K | $180 | |
| USDE / GHO | Arbitrum | – | $28.4K | $29.0K | |
| GHO / USDe | Ethereum | $44.1K | $26.2K | $72.6K | |
| GHO / USDC | Arbitrum | $42.0K | $23.6K | $44.3K | |
| GHO / USDC | Ethereum | $28.3K | $23.6K | $66.8K | |
| DFiUSD / GHO | Ethereum | $30.0K | $19.7K | $215 |
GHO is designed to be backed by crypto held as overcollateral.
What stands behind it
GHO has no bank account and no custodian. Its backing is collateral posted by borrowers inside Aave lending markets, plus stablecoin reserves held by the GHO Stability Module. Aave states the requirement plainly: "The collateral supplied is greater than the value of the stablecoins issued."
What Aave publishes
Aave's GHO product page links a GHO Analytics dashboard, hosted by TokenLogic, that shows the collateral behind GHO broken down by asset. The bucket capacity and bucket level of each facilitator sit in the GHO token contract and can be read on chain. Aave's documentation describes the getFacilitatorBucket view for reading them.
What the audits cover
The gho-origin repository holds security reviews by OpenZeppelin, ABDK, Certora, Sigma Prime, independent reviewer Emanuele Ricci and others, dated between August 2022 and March 2026. Aave's security page names the GHO items directly, including Sigma Prime's "GHO Smart Contract Security Assessment Report" of 6 July 2023 and its "GHO Stability Module Contract Review" of 23 October 2023. These are smart contract audits, not reserve attestations.
Sources: Aave help centre, GHO Stablecoin (overcollateralisation wording), Aave security page, audit register, aave-dao/gho-origin repository, audit list, Aave GHO Analytics dashboard, collateral page (hosted by TokenLogic), Aave, GHO product page (Multi-collateral Backing link), Aave documentation, GHO ecosystem overview (getFacilitatorBucket), GitHub, aave-dao/gho-origin audits folder
Ethereum0x7dff7269…9f7c8b33mint(address,uint256)eip1967-transparent0xfc421ad3…05799e73mint(address,uint256)eip1967-transparent0x6bb7a212…e8da10eemint(address,uint256)eip1967-transparent0x40d16fc0…28ae6c2fmint(address,uint256)Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint · upgrade (proxy)
Who licenses GHO's issuer and how its reserves are reported.
Reserve attestation cadence
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.
None foundlicence tier of Aave (GHO)
The collateral is Aave's collateral
GHO's backing is whatever the Aave V3 Core, Lido and Horizon markets accept from borrowers, priced by those markets' oracles and unwound by their liquidation logic. The rest is the stablecoins held by the GHO Stability Module.
Who can mint
Two roles govern supply. FACILITATOR_MANAGER_ROLE adds and removes facilitators. BUCKET_MANAGER_ROLE sets the bucketCapacity of existing ones.
Off-Ethereum supply depends on one bridge
Aave's developer documentation states that "All GHO tokens are originated on Ethereum mainnet." Balances on Arbitrum, Base, Avalanche and the other approved networks are minted by Chainlink CCIP against a lock on mainnet.
Peg defence is a governance action
The rate lever fires on a 30-day average, and it moves at most 500bps every two days.
Sources: Aave Protocol Documentation, GHO facilitator roles and steward parameters, Aave Protocol Documentation, GHO developer reference and cross-chain design, Etherscan, GHO token contract (facilitator list), Aave, GHO product page
GHO is governed by Aave DAO. It is minted by contracts called facilitators, each approved by Aave Governance and assigned a bucketCapacity that caps how much GHO it can create. On Ethereum, eight facilitators are registered: direct minters for three Aave V3 markets, four that supply GHO for stability modules and reserves, and the flash minter.
Collateral posted by borrowers inside Aave markets, plus stablecoin reserves held by the GHO Stability Module. Aave states that the collateral supplied is greater than the value of the stablecoins issued. There is no off-chain reserve and no custodian, so backing is verified by reading contract state rather than by an attestation report.
No. Aave publishes smart contract audits rather than reserve attestations. The gho-origin repository holds security reviews by OpenZeppelin, ABDK, Certora, Sigma Prime and others, dated between August 2022 and March 2026.
Through a governance-set borrow rate and the GHO Stability Module. If the trailing 30-day average price stays outside a range of $0.995 to $1.005, GHO Stewards may adjust the borrow rate by no more than 500bps per two-day period, up to a maximum of 25% APR.
Aave's developer documentation lists nine networks: Ethereum, Arbitrum, Base, Avalanche, Gnosis, Mantle, Monad, Plasma and XLayer. All GHO originates on Ethereum mainnet and reaches other networks through Chainlink CCIP. The Global Stablecoin Map tracks the first four.
7 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -300 bps to +100 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 5 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
GHOSource: DeFiLlama and CoinGecko prices Updated