What Is GHO & Why Is Aave Creating a Decentralized Stablecoin?
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The stablecoin market is currently valued at $153 billion by market capitalization, and features dozens of coins. While they operate differently, all stablecoins aim for the same goal: The promise of stability in the volatile crypto space.
Because they were meant to be immune from market volatility, stablecoins have become popular as a means of global payments and a facilitator of DeFi lending and borrowing.
After the spectacular crash of the algorithmically pegged TerraUSD (UST) eroded trust in the stablecoin landscape, Aave, a noncustodial market protocol, announced a new decentralized stablecoin, GHO.
Why is Aave creating the GHO stablecoin? This article examines the new project and what makes it unique.