Savings GHO (sGHO) is the yield-bearing version of GHO, Aave's decentralized overcollateralized stablecoin. Yield comes from GHO borrowing fees plus governance-approved Merit rewards, with a base rate around 5.6%, and the new consumer Aave App surfaces it as "up to 9%". There is instant liquidity and no lockup. sGHO scores 66/100 (Tier 3) on the RWTS Trust Score: the backing is crypto collateral rather than fiat or Treasuries, it is fully transparent on-chain, but it is young (Aave V4 and sGHO both launched in 2026), the yield is partly reward-subsidised, and there is no regulatory wrapper.
- Issuer / protocol
- Aave
- Backing
- GHO overcollateralized by Aave crypto collateral; yield from GHO borrow fees + Merit rewards
- Redemption / lock-up
- None (instant redemption to GHO)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 3 — Secured DeFi
- Contract
- 0x0000…rify
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 4.50% sits at 5% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 4.50%. Actual returns may vary. Not financial advice.
Beyond sGHO's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $204.51M indicates healthy on-chain liquidity. Lock-up: None (instant redemption to GHO).
Is sGHO safe?
sGHO (Savings GHO) scores 66/100 on the independent RWTS Trust Score, which places it in Secured DeFi (Tier 3). Tier 3 carries real DeFi exposure: the backing is sound but smart-contract and collateral risk are live, so size positions accordingly. Backing: GHO overcollateralized by Aave crypto collateral; yield from GHO borrow fees + Merit rewards. It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
59 of our 62 rated assets have been assessed on their exit routes. This one has not: we could not establish its redemption mechanics from a primary source, so its redeemability score still measures the contractual right alone and says nothing about how many independent routes exist. We would rather leave the gap visible than infer one.
Not assessed
Compare sGHO
Head to head on the Trust Score with similar assets.