GHO/USD price feed
GHO is the dollar stablecoin of the Aave protocol. It is created when borrowers mint it against collateral in the lending market, so its supply breathes with borrowing demand. The pools behind it follow the token across the ecosystems it has spread to.
Aggregate on-chain rate: hourly view of the last 4 weeks. The API itself updates block by block. Request API access
Book composition · auto-observed
No single pool dominates this book at the moment; the weight is spread across pools on several chains.
A dollar minted by a lending market
Most dollar stablecoins are issued against reserves held by a company. GHO is issued by a protocol: a borrower on Aave posts collateral, mints GHO against it, then burns that GHO on repayment. Supply is not a treasury decision; it is the running total of open borrowing positions on a public lending market.
That mechanism answers the question people actually search for. GHO is a stablecoin in the full sense: it targets a dollar, trades near one, is backed by collateral that stays on-chain where anyone can inspect it. What differs is the issuer, a protocol governed in public rather than a reserve manager, which is why the price deserves market data rather than an assumption of one dollar.
What the mint mechanism changes is not how the number is made but who needs it: a dollar whose supply moves with a credit market is held mostly by people managing credit.
A young dollar with a wide footprint
The book has spread faster than the asset's age suggests, reaching young ecosystems as readily as established ones. Each venue enters the composition the way every venue does: at the weight it observes, wherever the pool happens to sit.
The quote side follows the borrowing. A credit-market dollar trades where its minters put it to work, so the mix of dollar legs shifts with demand rather than with any listing decision; each leg resolves through its own market before the GHO level forms.
That breadth earns something concrete. The same dollar being priced by different participants on several ecosystems at once means the legs check one another continuously; when one venue drifts, the rest of the book keeps the aggregate steady while the composition shows exactly where the drift sits.
What the depth numbers say
Depth within one percent is published per side for a reason. At GHO the two sides have differed by an order of magnitude, with far more liquidity resting just below the dollar than just above it. That is not a flaw in the book; it is information about where its liquidity providers have chosen to stand.
Read it plainly. The figure on each side is what the pools could take at that block before the price moved one percent. It says where liquidity is, not where the price is going; the feed publishes both sides precisely so a reader can size an exit against reality rather than against an average.
Who runs on this rate
Credit desks holding GHO
Collateral that mints a stablecoin still gets marked in dollars; this rate prices GHO from its own markets rather than assuming the peg.
Stablecoin treasuries
Books diversified across dollar tokens need each one priced the same way; GHO joins the catalog under the identical method.
Risk teams sizing liquidity
Per-side depth shows what the pools can absorb before the price moves; at GHO the sides have differed sharply, which is exactly what a limit framework wants to know.
Where the GHO market lives
Active GHO/USD pools per chain, as observed by the feed on 2026-10-27.
GHO in the catalog
6 pairs, each computed from its own pools with the same methodology:
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