GHO Stablecoin to be launched as Aave DAO gives a 999 approval

A governance proposal to create a crypto-backed stablecoin on the Aave protocol has been unanimously approved by the Aave community in a snapshot voting which lasted till Sunday. On July 7, 2022, a proposal was introduced by Aave Companies (development team of Aave protocol) for the launch of GHO. The initial proposal for GHO confirmed it will be a decentralized, overcollateralized stablecoin, backed by a “diversified set of crypto-assets” and pegged to the US dollar.