Let me use my tool here :)
The debt is almost flat in the last months hovering around 6.5%, even with the price drop of Hive. The speculative HBD from Upbit has been going down, and the HBD there dropped from around 3M to 1.7M now, causing all the HBD supply to go down. It has been balanced out.
In the long run (5+ years), if we don't see HIVE price appreciation, then HBD APR might be an issue. Say we double the amount of HBD in savings, only from interest, and the HIVE price remains same or lower. Then we will have a scenario with 14M HBD in savings, 13% debt if the HIVE price is the same, or higher if its lower.
Sufficiently low enough demand for Hive while simultaneous high demand for HBD savings can result in a net decline in demand for Hive (even accounting for the Hive burned by Hive to HBD conversions), and reaching the debt limit ahead of such an expected timeframe. I'm not saying this is a likely scenario, but it's very much possible.
My concern though is not about that happening, but that through our pursuit of "stability" for HBD interest, we train the market to expect that HBD interest is not supposed to change. There are commenters in this thread who already appear to believe that HBD interest rate is a promise not a policy, as if it were hard coded and required a hard fork to change.
HBD is only supposed to be stable in price. APR and consequently APR stability is just a means to an end in 1) bringing in capital, 2) developing the network effect and 3) helping to maintain HBD price stability. We should not spend more than we need to in the aim of achieving those things, and we do not need to add APR and investment stability as an end in and of itself.
I am not concerned that it is urgent, but in the long run, if we train the market to believe that APR stability is part of the promise of HBD, that will have been a mistake.
According to your tool, HBD Supply Excluding The DHF: has decreased by about $700,000 in a month, and HBD In The DHF: has increased - where does this far-fetched problem come from and who is trying to make noise out of thin air?
Photo from May 15th.