Each $pHBD is backed by HBD. Individual create $pHBD by using the LeoBridge to "move" the HBD from Hive to Polygon.
Since HBD is a stablecoin, $pHBD mirrors that. However, holding pegs is dependent upon market conditions. One of the key is arbitrage by traders. A derivative of this nature provides opportunities that market participants can leverage for gain.
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