LlamaRisk Insights: GHO’s backing and RWA integration, a portfolio analysis.

TL;DR: GHO has shifted from being backed mostly by crypto assets to a more diversified mix that now includes RWAs like USCC, which makes its balance sheet more stable. Circulating supply sits around $326M, supported by a strong 2.27x collateral ratio. Borrowing activity is dominated by a few sophisticated institutions, especially on Horizon, where fixed-rate RWA strategies like USCC have become major contributors. ETH-related assets still drive most of the risk, but USCC acts as a stabilizer with low volatility, improving the overall portfolio’s resilience. Stress tests show that even in severe market conditions, GHO remains well-collateralized and structurally sound.

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