GHO is a decentralized, overcollateralized stablecoin native to the Aave Protocol, pegged to the US Dollar. It is minted by users who supply diverse assets as collateral into Aave, allowing them to borrow GHO while continuing to earn interest on their underlying collateral. Unlike traditional borrowing in Aave, 100% of the interest paid by borrowers on GHO loans is redirected to the Aave DAO treasury, contributing to its governance. GHO is fully transparent and governed by the Aave DAO, which controls its supply, interest rates, and risk parameters. It features unique mechanics like a fixed oracle price and a Flashmint Facilitator for single-block transactions.