DeFi Lender Aave Plans to Launch USD-Pegged Stablecoin Called GHO

DeFi Lender Aave has revealed plans to launch a U.S. dollar-pegged stablecoin called GHO, part of an effort to expand revenue and make borrowing on the DeFi protocol more competitive.

AAVE, the governance and utility token of the Aave protocol, surged on the news and rose 11% to $70. The token has slumped more than 65% year-to-date, and is 90% off its all-time high of $661 reached in May last year, as per CoinGecko data.

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