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Aave Stablecoin GHO Recovers After Depeg Possibly Linked to Curve Hack

Aave's stablecoin GHO briefly lost its $1 peg on July 31, dropping to $0.96 before regaining its peg after about two hours. The depeg was likely caused by a reentrancy attack on Curve Finance, which also resulted in the platform losing over $47 million.

Despite the incident, stablecoins continue to dominate the crypto and DeFi market, with Tether (USDT) maintaining its position as the market leader. While GHO's depeg made headlines, it is just one of several instances of instability in the stablecoin niche in 2021.

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