SGHO: who controls it?

The control finding

Staked GHO. Same backing as GHO, earning the Aave savings rate.

Holder’s position

sGHO holders have a claim on GHO deposited into the Aave savings module, which is itself minted against collateral in the Aave protocol. The position depends on protocol solvency and peg mechanics, not on an issuer's reserve account.

Redemption or exit

There is no issuer redemption desk. Holders unwrap sGHO for GHO through the savings module, then exit GHO through on-chain liquidity or by repaying a GHO debt position.

Dependencies an advisor should record

• Aave governance and facilitator parameters
• Collateral quality and liquidation mechanics underlying GHO
• The Aave savings module contract
• On-chain liquidity for the GHO peg
• The chain carrying the position

Why this distinction matters

sGHO carries GHO's governance risk plus a savings-module contract layer. A fiduciary file should treat it as GHO with one more moving part, not as a separate risk category.

On-chain governance or collateral mechanisms matter, but no conventional issuer blocklist defines the asset. That finding can coexist with a sound reserve, useful product, or appropriate client role. The grade prevents the on-chain wrapper from being mistaken for the absence of an administrator.

Questions before use

1. Does the exact contract and chain match the instrument reviewed here?
2. Which party can mint, burn, pause, upgrade, block, or redeem?
3. Does the client have direct redemption access or only secondary liquidity?
4. What protocol, bridge, wallet, and custodian dependencies are added?
5. Which event would force review or exit?