---
title: "Hive Backed Dollar (HBD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/hbd-hive/"
description: "Build-time stablecoin profile for Hive Backed Dollar (HBD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Hive Backed Dollar (HBD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** Decentralized (DeFi)

**Status:** active

## Overview

HBD is Hive's {{term:algorithmic}}algorithmic{{/term}} dollar redeemable on-chain for $1 of HIVE via witness-set conversion, with haircut rules when system debt exceeds thresholds. Hive Backed Dollar is a protocol-native dollar claim inside the Hive ecosystem. It targets $1 through HIVE conversion rules and witness-set savings parameters, not through cash or Treasury {{term:custody}}custody{{/term}}. That makes the collateral base reflexive to the value and governance of Hive itself, especially under haircut conditions. Pharos classifies HBD as crypto-backed and decentralized while flagging that the {{term:redemption}}redemption{{/term}} backstop is protocol conversion capacity, not liquid off-chain reserves.

## Collateral

Hive protocol value and conversion rules between HBD and HIVE, including haircut logic when HBD debt exceeds protocol thresholds

## Peg Mechanism

Protocol-level conversion mechanism targets one U.S. dollar of HIVE per HBD, with witness-set interest and haircut rules under stress

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/hbd-hive.