Hey, The answer to your question is in my post. The backing of HBD is by the holders of Hive eg. The Hive Market Cap. That is why the Hive Market Cap is so important and not to be distorted... Basically unlike other stable coins where they have USD treasuries as backing (USDT), HBD has just Hive!! So the equity of Hive HP holders is being drained to maintain the HBD peg, pay HBD interest 15% AND pay the Hive DHF funds!!!

The HBD debt is now LARGER than the HIVE equity! $67m market cap MINUS $35m HBD debt = $32m equity... Therefore in my opinion, the HBD stable coin and interest and DHF payments are unsustainable and Hive is going to crash.