Sort:  

It can recover if held and the STEEM market cap increases and/or if debt is sufficiently reduced such that total SBD outstanding drops below 10%.

The payoff profile for holding SBD while near the 'haircut' limit, ignoring the question of debt reduction, is similar to that of holding a covered call position on STEEM: downside as with STEEM, but trading upside for premium income (interest here).