GHO is Aave's native overcollateralized decentralized stablecoin, designed to maintain a soft peg to the U.S. dollar while generating protocol revenue for the Aave DAO. As of July 1, 2026, GHO has achieved meaningful scale within the DeFi ecosystem, but remains significantly smaller than dominant stablecoins. The investment case centers on whether GHO can scale into a durable revenue engine for Aave while competing in an intensely crowded stablecoin market.