HBD is Hive's algorithmic dollar, redeemable on-chain for $1 of HIVE via a witness-set conversion, with haircut rules when system debt exceeds thresholds. The static profile records its US Dollar peg mechanism as: Permissionless HBD-to-HIVE conversion targets one U.S. dollar of HIVE per HBD with no extra protocol conversion fee and a 3.5-day completion window using the coming period's median price; the debt-ratio haircut can reduce the payout below one dollar.

As of Nov 8, 2026, Pharos grades HBD C (59/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

Pharos records HBD's reserves as of Aug 27, 2026 as 100% Hive protocol HIVE conversion mechanism (endogenous HIVE value). Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.

Under the route Pharos reviewed on May 5, 2026, any holder can redeem HBD for HIVE. Settlement takes multiple days. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.