Aave
Aave is a decentralized finance protocol enabling cryptocurrency lending and borrowing. Its main stablecoin is GHO.
HeadquartersLondon, United Kingdom
Founded2017
CEOStani Kulechov
StageDAO
FoundersStani Kulechov
Websiteaave.com ↗
LinkedInaavelabs ↗
GitHub@aave ↗
Products
Aave is a decentralized finance (DeFi) protocol that facilitates the lending and borrowing of cryptocurrencies without traditional financial intermediaries. Founded in 2017 by Stani Kulechov, Aave operates as a decentralized autonomous organization (DAO).
In 2025, Push Virtual Assets Ireland (operating as Push by Aave Labs) secured authorization under Europe's Markets in Crypto-Assets (MiCA) regulation, enabling regulated stablecoin on/off-ramping across the European Economic Area. The U.S. SEC concluded its investigation into Aave without enforcement action in December 2025.
Regulatory Status
EEA (Ireland)
MiCA authorization — Push Virtual Assets Ireland (Push by Aave Labs); enables regulated stablecoin on/off-ramping in the EEA
Funding
| Round | Amount | Year |
|---|---|---|
| Strategic | $25M | 2020 |
Frequently Asked Questions
What stablecoin does Aave issue?
Aave issues GHO, a U.S. dollar-pegged stablecoin native to the Aave Protocol. GHO is described by Aave as a decentralized and overcollateralized asset, and GHO has a market capitalization of $598M as of 1 July 2026.
How is GHO backed?
GHO is minted when users borrow against collateral supplied in the Aave V3 Ethereum market. Aave describes GHO as overcollateralized, meaning the collateral posted is intended to exceed the value of GHO issued.
Is GHO a regulated stablecoin?
GHO should be understood as a DAO-governed DeFi stablecoin rather than a fiat issuer token licensed as e-money or a bank product. Aave documentation describes GHO issuance as subject to protocol-level parameters such as mint caps and governance-controlled mechanisms.
Recent Activity
- 2025-12MilestoneSEC concluded investigation without enforcement action
- 2023-07MilestoneLaunched GHO stablecoin on Ethereum mainnet