Aave, a decentralized finance (DeFi) protocol, has launched its new algorithmic stablecoin GHO on the Ethereum mainnet, with $2.19 million worth already minted. The GHO stablecoin has been described as a "decentralized, over-collateralized" asset, backed by various digital assets including Ethereum and Aave's native token. The launch follows a community governance vote, which saw 424 participating addresses overwhelmingly vote in favor of GHO. Unlike centralized stablecoins such as Tether's USDT, GHO's asset backing is transparent and verifiable using on-chain data, according to Aave.