FactGHO (Aave)frxUSD (Frax USD)
PricingSnapshotPUBLISHED (marketing, https://aave.com/gho, fetched 29 September 2026): "Swap USDC, USDT for GHO at 1:1 — free to redeem." The same page's numeric counters (Max swap fee, Total Backing, Total Reserves, current borrow and savings rates) are still rendered client-side and serve placeholders to a non-browser fetch, so no fee or rate figure is readable from the page as published; the quoted sentence is the only static fee statement on it. NO BINDING DOCUMENT PRICES ANYTHING: the Aave Terms of Service (https://aave.com/terms-of-service, rewritten, "Updated 07 September 2026") and the Aave App Terms of Service (https://aave.com/legal/app/terms-of-service, "Updated 14 August 2026"), both fetched 29 September 2026, contain no mint fee, no redemption fee and no minimum, and mention GHO only in the footer menu. ACTUAL LIVE PRICING, read on-chain 29 September 2026 at Ethereum block 26,082,183 via https://ethereum-rpc.publicnode.com: GSM_USDT 0x882285E62656b9623AF136Ce3078c6BdCc33F5E3 returns getFeeStrategy() = 0x06fbDE909B43f01202E3C6207De1D27cC208AcC1, whose getSellFee(1e18) = 0 and getBuyFee(1e18) = 1e15, i.e. 0.00% to convert USDT into GHO and 0.10% to convert GHO back out; GSM_USDC 0x3A3868898305f04beC7FEa77BecFf04C13444112 now returns a DIFFERENT strategy, 0xfDB0090A92d20EE39d82ac680477b1F58f0A23dE, whose getSellFee(1e18) = 0 and getBuyFee(1e18) = 1.5e15, i.e. 0.15% to leave via USDC (on 19 August 2026 both GSMs used the 0.10% strategy). WORKED EXAMPLE (label: on-chain read, not a page price): GSM_USDT getGhoAmountForBuyAsset(1000000000) returns 1,000.000000 waEthUSDT for 1,178.220242 GHO, of which gross 1,177.043199 GHO and fee 1.177043 GHO. CAPACITY: GSM_USDT getAvailableLiquidity() = 16,136,899.348701 waEthUSDT (worth 19,012,821.45 GHO by getGhoAmountForBuyAsset) and GSM_USDC 0.029227 waEthUSDC, so the par exit covers 2.72% of the 699,000,000 GHO supply (7.60% on 19 August 2026); the exit pays a wrapped Aave deposit receipt (waEthUSDT / waEthUSDC), not dollars. There is NO minimum and NO account requirement: buyAsset and sellAsset carry only the notFrozen and notSeized modifiers, and getIsFrozen() and getIsSeized() both return false on both GSMs. BORROWING: Aave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 getReserveData(GHO) at the same block returns currentVariableBorrowRate = 4.25% (3.75% on 19 August 2026). CAUTION FOR THE NEXT READER: neither live fee-strategy address appears in Aave's own documentation, https://aave.com/docs/ecosystem/gho.md (fetched 29 September 2026), whose address table still lists GSMUSDCFixedFeeStrategy 0xE5025A7c15a44283A0616567181587eE6A646D64 and GSMUSDTFixedFeeStrategy 0xA4346AEa575fCf5777D32F419E5850E5c68B2329; all fees above were read from the live contracts.NO BINDING DOCUMENT PRICES MINT OR REDEMPTION. The FraxNet Terms of Service, https://net.frax.com/terms (fetched 29 September 2026; the page's "Last updated" line renders the fetch date, and the extracted text is the same 16,771 characters as in August), contain 0 occurrences of "redeem", "redemption", "minimum" and "frxUSD", and no fee table of any kind. PUBLISHED FEES — Frax documentation, https://docs.frax.com/frxusd/fiat-onramp-offramp (fetched 29 September 2026), whose "Fees" section lists exactly two items: Exchange Fee, "May be applied by Bridge.xyz during currency conversion"; RWA Liquidation Fee, "A 1 BPS conversion fee may apply if real-world assets (RWAs) are being liquidated to meet cash redemptions". Both are conditional and the exchange leg is unquantified. The same page gates the fiat route: "All users must complete Persona KYC/KYB and Bridge.xyz verification", and the only supported account types are "U.S. checking accounts" and "U.S. savings accounts". ON-CHAIN FEES AND CAPACITY (label: eth_call reads at Ethereum blocks 26,082,253-26,082,262, not page prices): the permissionless USDC route 0x4F95C5bA0C7c69FB2f9340E190cCeE890B3bd87c still returns mintFee() = 0 and redeemFee() = 0, but holds 0 USDC (totalAssets() = 0; it held 1,385,323.315876 USDC on 19 August 2026), so it cannot pay out today; the RWA routes USTB 0x5fbAa3A3B489199338fbD85F7E3D444dc0504F33, BUIDL 0xe827abf9f462ac4f147753d86bc5f91e186e4e9c and WTGXX 0x860Cc723935FC9A15fF8b1A94237a711DFeF7857 return mintFee() = 0 and redeemFee() = 1e14, i.e. 1 basis point, and require addresses "onboarded to hold BUIDL, USTB, or WTGXX" (https://docs.frax.com/frxusd/mint-and-redeem-routes); the USDB route 0xFE2Ea8dE262d956e852F12DE108fda57171a0a29 is fee-free and holds 1.538966 USDB; an AUSD route 0x537bed9200fc5a14ab56e554016753676eff12b0, added as a minter at block 25,832,426 and not listed on the routes page, charges a 1e14 (1 basis point) redeemFee and holds 35,696.844801 AUSD. frxUSD totalSupply() = 93,369,845.27. NOT A PRICE: https://docs.frax.com/frxusd still advertises "Earn 4.1% APY from Treasury yields (subject to treasury backing performance)" — the sfrxUSD/FraxNet savings product, which this page does not score.
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