Bubble
GHO GHO
GHO (GHO) was trading at $0.9985, ranked #90 by market cap at $697.92M, with 24h volume of $8.22M.
Data snapshot: 2026-09-02 12:15 UTC.
GHO is a decentralised stablecoin issued by Aave, minted by users who borrow against collateral already deposited in Aave rather than backed by dollars in a bank. Interest paid on GHO borrowings flows to the Aave DAO instead of to lenders, making it a revenue line for the protocol as well as a stablecoin. GHO is minted by borrowers against collateral supplied to Aave, which makes it a stablecoin issued by a lending market rather than by a company or a standalone protocol. Interest paid by borrowers goes to the Aave DAO, so GHO is a revenue mechanism as much as a dollar unit. Its peg is defended by interest-rate policy and by facilitators authorised to mint and burn it. On this map GHO's market cap is best read as a measure of how much borrowing demand exists in one specific lending market, not as a general dollar-liquidity gauge.
How is GHO created?
Borrowers mint it against collateral supplied to Aave and burn it when repaying. It is not issued against bank reserves.
Who earns the interest?
Interest paid by GHO borrowers goes to the Aave DAO treasury rather than to individual lenders, which makes GHO a revenue source for the protocol.
How is the peg maintained?
Through interest-rate policy and authorised facilitators that can mint and redeem, adjusting supply in response to demand.
What does its market cap tell you?
How much borrowing demand exists within Aave specifically. It measures one protocol's activity rather than overall dollar liquidity on-chain.
Market cap decides how big a bubble is drawn, so rank is what places GHO on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #40 | Ripple USD (RLUSD) | $1.58B |
| #42 | USDD (USDD) | $1.53B |
| #90 | GHO (GHO) | $697.92M |
| #101 | TrueUSD (TUSD) | $492.13M |
| #111 | EURC (EURC) | $461.23M |