The hive backed dollar which is otherwise known as HBD is a decentralized coin that is pegged to the US dollar and is designed to stay close to $1, just like any stable coin should.
It has a built-in stabilization mechanism which allows the hive Blockchain users convert between HBD and HIVE when the prices of hive moves far from $1, and this is aimed at encouraging the market to naturally pull the price back. The interesting fact about this is that no middleman is needed for the transaction.
Another interesting reason why one would believe that HBD is the best stable coin is that it is community governed, and not company controlled. Unlike other centralized stable coins like the USDT or the USDC, HBD is decentralized, and is managed by the hive community, not a corporation.
Also, you can save your HBD and earn interest at rates often higher than the interest other banks and other stable coins can offer. The Blockchain also sets a maximum HBD supply limit (e.g 30% of the hive market cap). This way, it is protected against inflation and de-pegging, which is something many failed stable coins lacked.
In summary, HBD does not only act as a stable coin, it pays like a savings account, and lives on a truly decentralized Blockchain. It is crypto's version of the digital dollar without the banks. And for this reason, we can all agree that HBD is indeed the best stable coin there is.
All images was gotten from the goggle website