GHO stewards propose higher V3 borrow rates amid reduced GSM reserves

What happened

TokenLogic proposed 25 basis point increases to GHO borrowing rates on Ethereum Core and Prime, alongside a first-party report of diminished GSM redemption reserves.

What changed

The proposal would increase Core APR from 4.25% to 4.50% and Prime base rate from 2.75% to 3.00%. The notice reports the USDC GSM depleted and approximately 22.5M USDT remaining in the USDT GSM.

What did not change

Execution is not established. The proposal preserves the remaining Prime interest-rate curve and reports the Aave Savings Rate at 4.50%; it does not report an sGHO withdrawal failure.

Confirmed

• The notice specifies the proposed Core and Prime rate changes.
• The GHO Risk Council is designated to execute through the respective GhoAaveSteward contracts.
• TokenLogic reports depleted USDC GSM reserves and approximately 22.5M USDT reserves.
• The notice calls for monitoring the peg, GSM reserves, sGHO deposits, and GHO debt after execution.

Still open

• Execution transactions and current rates.
• Current GSM balances and proposed-size redemption availability.
• Whether borrowers replenish reserves after the rate change.

What it means for an advisor

• Review GHO borrowing-cost assumptions and distinguish sGHO-to-GHO withdrawal from GHO-to-stablecoin redemption.
• Check proposed-size exit liquidity across GSM and secondary-market routes before relying on reserve availability.