Guía completa de GHO Stablecoin
Aave's native decentralized stablecoin explained: how it works, how to mint it, where to earn yield with it, and how GHO compares with other stablecoins.
¿Qué es GHO?
GHO is a decentralized, over-collateralized stablecoin pegged to the US dollar. It was created by the Aave Protocol, one of the largest lending protocols in DeFi by total value locked (TVL, tracked live on DefiLlama). According to the Aave governance forum, GHO went live on Ethereum mainnet in July 2023.
Unlike centralized stablecoins such as USDC or USDT, GHO is not backed by fiat reserves in a bank account. Users mint GHO by borrowing against crypto collateral deposited in Aave V3. The Aave DAO (decentralized autonomous organization) governs GHO, so no single company controls its issuance.
GHO is an ERC-20 token. Its supply grows when users mint it and shrinks when debt is repaid and the GHO is burned. Compare it with other dollar tokens in our stablecoin yield guide.
Sobrecolateralizado
Cada token GHO está respaldado por más de $1 de colateral cripto depositado en Aave V3.
Gobernado por DAO
The borrow rate, facilitator caps and other key parameters are decided by AAVE token holders through on-chain votes.
Multicolateral
Mint GHO against collateral accepted by Aave V3 on Ethereum, such as ETH, WBTC or LINK (see the Aave app for the current list).
Cómo funciona GHO
GHO uses a facilitator model to manage minting. Facilitators are protocols or entities approved by Aave governance to mint and burn GHO. Each one has a capacity, called a bucket, that caps how much GHO it can create.
Suministrar colateral
Deposit supported crypto assets (ETH, WBTC, LINK and others) into Aave V3 on Ethereum. Your collateral earns supply interest while it backs your GHO position.
Emitir GHO
Borrow GHO against your collateral at a rate set by Aave governance. Unlike other Aave assets, the GHO rate is not driven directly by pool utilization. Check the current rate on the Aave app before borrowing.
Control del Facilitador
Each facilitator has a bucket capacity that caps how much GHO it can mint. The Aave V3 Ethereum pool is the primary facilitator. FlashMinter is another: it enables flash loans of GHO for arbitrage and liquidations.
Interés & Ingresos
Interest paid on GHO borrows goes to the Aave DAO treasury, according to the GHO documentation. For regular Aave borrows, interest goes to suppliers instead. GHO is therefore a direct revenue stream for the protocol.
Características clave de GHO
Qué hace que GHO sea diferente de otras stablecoins en el mercado.
Tasa controlada por la gobernanza
The GHO borrow rate is set by Aave governance through on-chain votes, not by market utilization. Governance can still change it, so the rate is predictable between votes rather than fixed forever.
Descuento stkAAVE
Users who stake AAVE in the Safety Module (stkAAVE) receive a discount on the GHO borrow rate for part of their debt. This rewards staking, which backs the protocol in case of a shortfall.
Respaldo multicolateral
GHO can be minted against the assets accepted as collateral by Aave V3 on Ethereum. This diversifies the backing and reduces dependency on a single asset.
Ingresos para DAO
GHO borrow interest goes to the Aave DAO treasury rather than to suppliers, which makes GHO a revenue source for the protocol.
Emisión Flash
El facilitador FlashMinter permite préstamos flash de GHO sin colateral en una sola transacción, apoyando bots de arbitraje y liquidación.
Expansión entre cadenas
GHO is available beyond Ethereum on selected layer 2 networks such as Arbitrum, moved through Chainlink CCIP. The GHO documentation lists the networks currently supported.
GHO vs otras stablecoins
How GHO compares with the most widely used stablecoins.
| Característica | GHO | USDC | USDT | DAI | FRAX |
|---|---|---|---|---|---|
| Emisor | Aave DAO | Círculo | Tether | MakerDAO (Sky) | Frax Finance |
| Tipo | Descentralizado | Centralizado | Centralizado | Descentralizado | Híbrido |
| Respaldo | Cripto (sobrecolateralizado) | Reservas en USD | Reservas en USD | Cripto + RWA | Cripto + AMO |
| Gobernanza | Poseedores de AAVE | Circle (empresa) | Tether (empresa) | Poseedores de MKR | Poseedores de FXS |
| Tasa de interés | Set by governance | N/D | N/D | Variable (DSR) | Variable |
| Cadenas | Ethereum + L2s via CCIP | Many chains | Many chains | Ethereum + puentes | Multicadena |
Dónde usar GHO
GHO is integrated across several parts of the DeFi ecosystem.
Intercambios descentralizados
Trade GHO on decentralized exchanges (DEXs) such as Balancer and Curve. GHO is paired with other stablecoins in liquidity pools; check pool depth before a large swap.
Protocolos de préstamo
Supply GHO on lending platforms such as Morpho to earn interest from borrowers. Available markets and rates change over time, so check each protocol directly.
Provisión de liquidez
Provide liquidity in GHO pools on Balancer and Curve to earn trading fees. Aave governance may vote extra incentives for some pools; these are temporary and change over time.
Pagos
Utiliza GHO como un medio de intercambio estable para pagos entre pares, facturación y transacciones cotidianas dentro del ecosistema cripto.
Agregadores de Rendimiento
Deposita GHO en agregadores de rendimiento que optimizan automáticamente los retornos a través de múltiples protocolos y estrategias.
DeFi entre cadenas
Move GHO to supported layer 2 networks such as Arbitrum through Chainlink CCIP for lower gas fees. See our guide on how to bridge crypto.
Cómo crear GHO
Guía paso a paso para crear GHO en Aave V3.
Conecta tu billetera
Go to app.aave.com and connect a Web3 wallet such as MetaMask, Rabby or Coinbase Wallet. Make sure you are on the Ethereum network.
Suministrar colateral
Deposit supported assets (ETH, WBTC, LINK and others) into the Aave V3 Ethereum market. Your collateral must exceed the value of GHO you want to mint, based on the asset's loan-to-value (LTV) ratio.
Pedir GHO
Open the GHO borrow section and enter the amount you want to mint. Review the current borrow rate (and whether you qualify for the stkAAVE discount), then confirm the transaction.
Usa tu GHO
GHO appears in your wallet once the transaction is confirmed. Use it in DeFi protocols, provide liquidity, earn yield, or hold it as a stable asset.
Reembolsar & Recuperar Garantía
Cuando esté listo, reembolse su deuda GHO más los intereses acumulados en Aave. Una vez reembolsado, puede retirar su colateral. El GHO reembolsado se quema, reduciendo la oferta total.
Oportunidades de rendimiento GHO
Dónde obtener rendimiento con sus stablecoins GHO.
Pools de liquidez Balancer
Provide liquidity in GHO/USDC or GHO/USDT pools on Balancer. Some pools receive incentives voted by Aave governance on top of trading fees; check the pool page for the current terms.
Comisiones de trading + IncentivosCurve Finance
GHO stableswap pools on Curve offer low-slippage trading and yield from trading fees. CRV rewards may also be available, depending on gauge allocations at the time.
Rendimiento StableswapPréstamos en Morpho
Supply GHO to Morpho markets or vaults to earn lending interest. Rates depend on utilization and change continuously.
Interés de préstamoAhorros Coinstancy
Earn 7.50% APY on USDC with Coinstancy Dollar Savings. Interest accrues every second and is automatically reinvested. There is no lock-up and you can request a withdrawal at any time. Coinstancy may arrange additional cover for selected protocol exposures through OpenCover; when active, it can help address eligible incidents within the policy's terms and limits.
Rendimiento GestionadoRiesgos y Consideraciones
Riesgos importantes a comprender antes de usar GHO.
Riesgo de despegue
GHO can trade below $1 if demand weakens or confidence drops. Over-collateralization supports the value of the debt, but it does not force the market price to $1. GHO traded below its peg for several months after launch, as discussed on the Aave governance forum, and this can happen again.
Riesgo de contrato inteligente
GHO relies on Aave V3 smart contracts. Aave publishes its audit reports, but no code is immune to vulnerabilities or exploits.
Riesgo de Gobernanza
Aave DAO controls all GHO parameters. Poor governance decisions (for example a badly set rate or a risky facilitator) could weaken GHO stability.
Aviso legal: Esta guía tiene fines únicamente educativos y no constituye asesoramiento financiero. Las stablecoins y los protocolos DeFi conllevan riesgos inherentes. Realice siempre su propia investigación e invierta únicamente lo que pueda permitirse perder.
Preguntas frecuentes
¿Qué es GHO?
¿Cómo se acuña GHO?
¿Los titulares de stkAAVE obtienen un descuento en GHO?
¿Es GHO seguro de usar?
¿Dónde puedo obtener rendimiento en GHO?
Fuentes y lecturas adicionales
Las cifras y afirmaciones de esta página se basan en los documentos que aparecen a continuación. Las cifras sensibles al tiempo (tasas, rendimientos, comisiones, datos de mercado) cambian: verifica el valor en vivo en la fuente antes de actuar en consecuencia.
- GHO documentationdocs.gho.xyz
How GHO is minted and burned, facilitators and bucket capacities, the governance-set borrow rate, the stkAAVE discount and the FlashMinter.
- Aave Protocol documentationdocs.aave.com
Aave V3 supply, borrow, loan-to-value and liquidation mechanics that GHO minting relies on.
- Aave governance forumgovernance.aave.com
GHO mainnet launch in July 2023, borrow rate decisions, facilitator approvals and the post-launch discussions on GHO trading below $1.
- Chainlink CCIP documentationdocs.chain.link
The cross-chain protocol used to move GHO between Ethereum and supported layer 2 networks.
- DefiLlamadefillama.com
Live aggregator for Aave total value locked (TVL) and GHO circulating supply; figures move daily.
Última revisión: septiembre de 2026. Los enlaces externos se abren en una nueva pestaña; Coinstancy no es responsable de su contenido.
Obtén rendimiento en stablecoins con Coinstancy
Earn 7.50% APY on USDC with Coinstancy Dollar Savings. Interest accrues every second and is automatically reinvested. No lock-up, request a withdrawal at any time. Coinstancy may arrange additional cover for selected protocol exposures through OpenCover; when active, it can help address eligible incidents within the policy's terms and limits.