sGHO, issued by the Aave Protocol smart contracts under the governance of AAVE, stkAAVE and aAAVE tokenholders, is a tokenized yield-bearing savings vault that accrues value continuously against the underlying GHO stablecoin [S1][S2].

Each sGHO share represents a pro-rata claim on deposited GHO plus accrued yield [S1]. The specific underlying instrument is GHO, a decentralised, over-collateralised, USD-pegged stablecoin native to the Aave Protocol [S3]. sGHO does not rebase; deposited GHO earns a fixed annual percentage rate via an onchain yield index, and yield accrues continuously through appreciation of the share-to-underlying exchange rate [S1]. There is no cooldown, no slashing, and no rehypothecation [S1].

sGHO is not issued by a single corporate token-issuing entity; vault shares are minted and burned deterministically by smart contracts under Aave Governance, the Aave DAO [S2][S4]. Associated Services are brought to you by Aave Labs under Terms of Service governed by the laws of the Cayman Islands, though Aave Labs does not control or operate the Protocol [S5][S4]. The holder's claim is an ERC-4626 vault share redeemable for GHO [S1]. Access is restricted for persons in sanctioned territories, persons on OFAC sanctions lists, and persons suspected of money laundering or fraud [S5]. Redemptions are atomic, burning sGHO shares to receive GHO at the current share price [S1].

sGHO is an ERC-4626 vault deployed on Ethereum mainnet [S1]. Depositors mint shares by supplying GHO, and redeem by burning shares to receive GHO at the prevailing share price, settling atomically onchain with no cooldown [S1]. The GHO value of each share is determined by an onchain yield index that rises continuously over time [S1].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://aave.com/docs/aave-v3/guides/sgho" },
    { id: "S2", url: "https://aave.com/faq" },
    { id: "S3", url: "https://aave.com/docs/ecosystem/gho" },
    { id: "S4", url: "https://aave.com" },
    { id: "S5", url: "https://aave.com/terms-of-service" },
  ]}
/>


Tokenized funds

Lenders deposit funds into Aave and receive interest payments from borrowers (supply-side fees).

Aave is a non-custodial lending protocol built on Ethereum and other adjacent blockchains. Aave was founded by Stani Kulechov and launched in 2017.

AAVE tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). Aave’s investors include ParaFi Capital, Framework Ventures, Three Arrows Capital, etc.

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Lending

Aave

Aave | Data breakdown

Savings GHO (Ethereum) (sGHO) is a tokenized fund share issued by Aave.

The fund is open-ended, invests in crypto assets, and locks up subscriptions for 0 months.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can subscribe and redeem in GHO, with a GHO 0 minimum and instant subscription settlement, and holders have a right to redeem at net asset value with instant settlement.

sGHO has been issued on Ethereum as an ERC-4626 token since May 2026.

Savings GHO (Ethereum)sGHO

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