DeFi Protocol Aave Intends to Issue Its Stablecoin

by in DeFi News

Aave DeFi stablecoins

Decentralized network Aave intends to bring its stablecoin to the sector. The platform's founder Stani Kulechov tweeted that the team has developed an ARC for the stablecoin named GHO.

Related: DeFi Platform Aave Launched V3 Upgrade

In a proposal, Aave said with community’s voting GHO can be issued on Aave and let users mint the coin adding collaterals. Aave Governance will be in control of all decisions related to it.

Aave says that the stablecoin would increase the platform’s competitiveness and DAO’s revenue.

Also, the platform announced that grants and hackathons can be implemented to develop and integrate payment ways. The team says GHO will have use cases within the crypto industry and outside of it. It will ensure security and decentralized nature and will be based on a policy for a mainstream adoption.

Stablecoins continue to grow offering new technological solutions. They offer advantages like low costs, accessibility and quick transactions. Earlier, in May, Tron released its dollar-pegged stablecoin USDD.