According to Odaily, Aave DAO has launched its GHO stablecoin on Arbitrum as part of its cross-chain expansion strategy. The GHO stablecoin, which is native to the Aave protocol, will utilize the industry-standard Chainlink Cross-Chain Interoperability Protocol (CCIP). The launch on Arbitrum marks the beginning of this strategy, with plans to extend to other networks over time.
The GHO stablecoin is a multi-collateral stablecoin, meaning it is backed by multiple types of collateral. This is a significant move for Aave DAO as it seeks to expand its reach across different blockchain networks. The use of Chainlink's CCIP will enable the GHO stablecoin to operate across multiple chains, enhancing its utility and reach.
The launch on Arbitrum is just the first step in this cross-chain expansion strategy. Over time, Aave DAO plans to extend the GHO stablecoin to other networks, further increasing its accessibility and utility in the blockchain space. This move is indicative of the growing trend of cross-chain interoperability in the blockchain industry, as protocols seek to enhance their reach and functionality across multiple networks.