stkGHO, issued by the Aave Protocol smart contracts under the governance of AAVE, stkAAVE and aAAVE tokenholders, is a tokenized staking position representing GHO deposited in the protocol safety module to backstop shortfall events [S1][S2].

Holders deposit GHO, the decentralised, over-collateralised, fully backed USD-pegged stablecoin native to the Aave Protocol, into the Umbrella safety module and earn safety incentives for providing shortfall protection [S2][S1]. In exchange, the staked GHO is subject to slashing, meaning tokens can be reduced to cover protocol deficits, with slashing automated based on actual deficit levels; the safety module has historically never been slashed [S1].

No single corporate entity issues this token; positions are minted and burned deterministically by smart contracts under Aave Governance, the Aave DAO, composed of AAVE, stkAAVE and aAAVE tokenholders on Ethereum mainnet [S1][S3]. Aave Labs brings the services but does not control or operate the Protocol, and no central entity can freeze or alter user positions [S4][S1]. The Terms of Service are governed by the laws of the Cayman Islands [S4]. Access is restricted for persons in sanctioned territories, persons on OFAC sanctions lists, and persons suspected of money laundering or fraud [S4]. Holders retain self-custody, as no entity holds user funds [S2].

Staked GHO derives from GHO, an ERC-20 token deployed on Ethereum mainnet with EIP-2612 permit support and multi-chain reach across Arbitrum, Base, Avalanche, Gnosis and Mantle via Chainlink CCIP [S2]. Staking and unstaking settle onchain through the safety module under DAO governance, with slashing executed automatically against actual deficits [S1].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://aave.com/faq" },
    { id: "S2", url: "https://aave.com/docs/ecosystem/gho" },
    { id: "S3", url: "https://aave.com" },
    { id: "S4", 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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Aave

Aave | Data breakdown

Aave Staked GHO (Ethereum) (stkGHO) is a tokenized fund share issued by Aave.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Aave in GHO, and holders have a right to redeem at net asset value.

stkGHO has been issued on Ethereum as an ERC-20 token since January 2024.

Aave Staked GHO (Ethereum)stkGHO

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