Aave Labs proposes to build and deploy a new version of the GHO Stable Module (GSM) to support reserve allocation and management functions, enable third-party integration, and especially support integration with BlackRock's BUIDL infrastructure. The proposal aims to improve the capital efficiency of GSM while maintaining the high standards of USDC as a backing for GHO. The new GSM will support a 1:1 fixed ratio of USDC and GHO swaps, and mint BUIDL tokens using USDC surplus. It is reported that BUIDL is a product deployed by BlackRock on the Ethereum network, providing instant liquidity to on-chain participants, with a current issuance volume of more than US$500 million.