ARFC intends to introduce GHO, a Conventional Aave stablecoin, and if it receives approval from Aave DAO, GHO will go live on the Ethereum Mainnet. Initially, two promoters, Aave V3 Ethereum and FlashMinter, will be involved. Upon approval, users of Aave V3 on Ethereum will be able to mint GHO using collateral, boosting stablecoin borrowing and generating additional earnings for Aave DAO, along with increased flexibility in interest rates.

GHO is backed by promoters capable of creating GHO tokens. Two promoters have been approved at the initial TEMP CHECK stage by Aave governance, including the Aave V3 Ethereum pool and FlashMinter. Aave V3 Ethereum pool promoters will enable depositors to borrow GHO by providing collateral. FlashMinter, similar to Flashloan, allows users to FlashMint GHO and return it in a single transaction.

At the AIP stage, the proposal activates GHO with specific parameters, positioning GHO ERC20 and shifting management responsibilities to Aave DAO. GHO will be recorded as a borrowable asset in the Aave protocol.

The enrollment process involves the Aave V3 Ethereum pool as the first promoter and GhoFlashminter as the second promoter. Configuration of stkAAVE as a discount token must be completed. Subsequently, ARFC will progress to the AIP stage of the governance process, where DAO members will vote on delivering the DAO's conventional stablecoin, GHO.