GHO's 61% Supply Drop Reflects an Accounting Change

Aave’s GHO stablecoin shows a 61% drop in reported circulating supply after DefiLlama changed its accounting to exclude idle, pre-minted tokens, even as the Ethereum contract still reports 699 million GHO issued. The revision means the widely tracked supply figure no longer matches on-chain issuance, creating a large gap between reported circulation and minted tokens. GHO is Aave’s native stablecoin on Ethereum, so the change affects how traders and analysts gauge its adoption and liquidity. The key issue is that pre-minted but unused GHO can inflate supply metrics without reflecting active demand. Watch whether other data providers adopt the same methodology and whether Aave adjusts its minting process to reduce idle supply.