Aave Companies is in the final phase of implementing its decentralized GHO stablecoin, which is currently operational on Ethereum's Goerli testnet. The stablecoin will require two rounds of on-chain votes from the Aave community before it can be launched on the Ethereum mainnet.

Aave plans to back the value of GHO with crypto assets and issue it as an overcollateralized loan, similar to MakerDAO's DAI stablecoin. If approved, all interest generated from GHO loans would be channeled to the Aave DAO treasury, potentially swaying DAO members to vote in favor of the proposal. Aave is also considering a multi-chain strategy after the launch of GHO on the Ethereum mainnet.