An overwhelming majority of Aave DAO voters have approved creating a new stablecoin.

The proposal, submitted by Aave Companies, was backed by 99.9% of voters, who pledged half a million AAVE in approving the measure to create GHO, a stablecoin that will be backed by collateral consisting of other cryptocurrencies.

Aave is a decentralized, non-custodial market protocol that enables users to borrow and lend cryptocurrencies. While providing liquidity to the cryptocurrency market, users can earn passive income on digital assets allocated to a smart contract. It is open-source and boasts $9.8 billion in liquidity, according to Aave’s website.