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Aave plans a proposal draft to launch a decentralized, collateral-backed stablecoin "GHO".

The Aave protocol, on Thursday, announced the launch of a new decentralized, dollar-pegged collateral stablecoin to be called GHO. As per the proposal submitted by Aave, users would be able to provide their collateral to mint GHO and could earn interest on their provided collateral asset.

According to Aave’s proposal, GHO would be backed by a wide range of crypto assets that can be selected by the user. The amount of GHO that could be minted by the user will depend on the amount of collateral deposited by them.

The proposal also says that GHO could gain adoption in Ethereum's L2 low-fee ecosystem. Also that it will help the stablecoin to reach a massive audience globally.

At the time of writing this article, Aave stands at #46 on CoinMarketCap with price of $75.02 and $1.05B Marketcap.

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