Back in August 2024 the HBD interest rate was cut from 20% to 15%. The interest rate is determined by the witnesses as a median from the individual top 20 and the majority of them are now signalling 15%.
The 20% interest rate was set back in 2022, and it lasted more than two years. Quite the run!
The withdrawal period from the savings account is three days. A reasonable period. It’s like staking with three days unlocking period.
When the interest on HBD was set for a first time by the witnesses, in March 2021, it started at 3%, then they push it to 10%, 12%, 20% and now back to 15%! You can see what the interest rate is set by the witnesses here https://peakd.com/me/witnesses.
With the latest Hardfork the debt limit for HBD was pushed to 30%, allowing more HBD to be printed before the haircut rule is applied and HBD is devaluated.
Now let’s take a look at the data and see how much HBD has been transferred to savings and who is taking advantage of the HBD interest rate.
We will be looking at the following:
- HBD balance in savings
- HBD savings VS liquid balance
- Daily interest rewarded
- Monthly interest rewarded
- Cumulative interest
- Top accounts that hold HBD in savings
HBD Balance in Savings
Here is the chart for the HBD balance in savings in time.
There has been a strong growth in the amount of HBD in the savings up to the middle of 2023 when it slowed down a bit but continue growing slowly up to June 2024. The peak was in May 2024 with 8.4M HBD in savings.
Since June 2024 the amount of HBD is savings dropped to 7.3M HBD in savings in December 2024 and started growing again in January 2025 and we are now at 8.2M HBD in savings.
When we zoom in 2023 - 2025 we get this:
We can notice that the peak was reached in June 2024 at 8.4M in savings. At the beginning of 2023 there was 5M in savings, while at the end of 2023 there was close to 8M. In 2024 there was a slow growth from the beginning of the year up to May when there was 8.4M, and then a drop in June. This drop most likely happened because of the drop in price of HIVE and users pulling out of HBD and buying/converting to HIVE. A further drop happened in the next months and 2024 ended at 7.5M HBD in savings. Since the beginning of 2025 the trend reversed and more HBD has been put in savings and we are now close to the ATH with 8.2M in savings.
The lowering of the APR in August 2024 didn’t had a significant impact on the HBD in savings.
HBD Interest Rate [%]
Historically the interest rate for HBD has been as follows:
- Mar 2021 - 3%
- Jun 2021 - 7%
- Jul 2021 - 10%
- Dec 2021 - 12%
- Apr 2022 – 20%
- Aug 2024 – 15%
After more than two years we are now at 15%.
HBD Balance in Savings VS Liquid HBD
Here is the long-term chart.
This is a long-term chart, starting back from 2016 for context.
We can see that HBD in saving started to accumulate only after the introduction of interest in 2021. Since then, it has kept growing and we are now at ATH for HBD in savings, and at the same time the liquid HBD is at all time low.
We can see some ups and downs in the liquid HBD supply, while the HBD in savings keeps on growing. In the last year the HBD supply has been very stable at 11M HBD.
At the moment out of the 11M HBD a total of 8.2M are in savings.
In terms of share of the liquid HBD we have this:
A constant downtrend here with some bumps on the way up to September 2023. Since then, the amount of HBD in savings has been hovering around the 70% mark. A full year around that number. In the last period this number has went further down and we are now at record lows for liquid HBD with 74% of it in savings and 26% liquid.
At the beginning of 2023 this share was around 50%-50%.
Daily Interest Rewarded
How much interest is paid to the HBD in savings? Here is the chart.
At first in 2021 the interest was paid to all the accounts that hold HBD, without the need to be put in savings. Then after the HF in June 2021, HBD interest is paid only for HBD in savings. We can notice the sharp drop at that time.
Since then, the daily interest payouts depends on the amount of HBD in savings and the interest rate for HBD APR. A constant growth up to August 2024 when it reached 4.5k HBD daily, and then it dropped to 3k HBD daily after the interest rate cut. Since then it increased again and we are now at 3.5k daily HBD from interest.
The monthly chart for the HBD interest looks like this:
On a monthly level we can see that after reaching the ATH of 140k back in the summer of 2024 there is a drop to 90k in September 2024, since when it increased again and in May 2025 there was a total of 100k paid in interest.
On a yearly level things looks like this:
| Year | HBD Interest Paid |
|---|---|
| 2021 | 120,857 |
| 2022 | 584,199 |
| 2023 | 1,332,302 |
| 2024 | 1,422,157 |
Overall, we can see that there has been a rapid growth up to 2023, while 2024 is around the same level as 2023. For 2025 in the first months we are at 550k interest, so extrapolated this will result in somewhere around 1.2M, but we are still half way trough the year and a lot can change.
Top Accounts that Hold HBD in Savings
Who has the most HBD put in savings? Here is the chart.
The @lazy-panda account remains the undefeated champion when it comes to the amount HBD in savings with 2.2M HBD. It has even increased its holdings in the last period. A total of 27k HBD in interest per month.
On the second spot is @yunnie followed by the Splinterlands @sps.dao account.
A total of 8.1k accounts now have at least $1 HBD in savings.
Live info about the savings data here:
https://www.hbdstats.com/
All the best
@dalz
Is there a chart or data showing historical circulating supply of hive?
my friend @bravetofu was asking...
He is interested in hive and started accumulating hive stake.
I'm making monthly reports on HIVE supply and inflation.
https://peakd.com/hive-133987/@dalz/hive-inflation-for-may-2025-or-slightly-above-the-projected-one
As for a raw data, here is a link:
https://docs.google.com/spreadsheets/d/1BlUJe1NROMCNoCdR6HIQ7qO6OAtDA5B9wH_Sa3UFBzA/edit?usp=drive_link
At some point I hope to find the time and include the HIVE supply charts in the https://www.hbdstats.com/#debt-section web where you have charta and csv files ...
Disclaimer here for the very early days of 2016, might not be 100% accurate.
Thank you Dalz.
@bravetofu here is your answer.
This is really great description about how HBD is getting bigger and better with time it's really interesting because it is not known about in Africa and they should really know more about hive and ecency app so it can give the interest rate much more gains for the future and present time and that's what I am on for making sure everyone in Africa gets to the know all about the platform and everything else 🚀❤️
Great stats. I know the lazy-panda account started with one million HBD or thereabout and didn't even know they've increased their HBD to 2.2M. my surprise is that there were earning about 18 to 20k HBD at one million
staked, how come they're now earning 27k HBD at 2.2M? shouldn't it be more, or I'm I the one that's wrong?
Peobably becouse the apr went down from 20% to 15%
The rate should be 20% because if the price of HIVE drops sharply, people will buy the maximum amount of HIVE for HBD.
If you want a 20% rate on HBD the only way to make that happen is to vote the witnesses who are signaling 20% into top 20.
When I buy 600k HIVE for HBD I will definitely vote.
I'm happy to see HBD savings bouncing back. That dip in late 2024 is an unfortunate one, well I wasn't even on Hive at that time, but 8.2M is good growth. Shows people still believe in the ecosystem long term
I wonder if there was a sudden increase in HBD in savings what would the effect of that be? Would it force interest rate down to keep debt within 30%? Or would it be positive for Hive economy?
Sudden increase in HBD in savings can only happen if a lot of HIVE is converted to HBD. For that the HIVE price will need to go up and it will balance itself. Thing is HBD is not easy to get by, as there is no premine or initial supply and stuff like that.
For a while I have fixed my HBD saving at 1000, and I convert the rest to the HIVE, then power up ;) If the interest rate is increased, I will go on saving HBD.
Go HBD! I really like this stable crypto.. I like to hold it, then use some to buy HIVE when the price is low enough. :)
Do you know more about the legal status of HBD? How I see, it is a big issue for Hive. It holds back Hive being legally accepted by exchanges, wallets.
It is not even in the Hive whitepaper (if the hive.io wp is the actual, real one), so it looks like similar to the Luna 'stablecoin'.
Why Hive need it so much? Do you know what is the legal status of HBD? If it needs for bringing money, why it is hidden from potential investors, not listed anywhere?
If it is legally ok, why the exchanges didn't add it in winter time, when they've started the Hive futures trading and Hive earnings in their site?
Is there a way to measure the HBD effect on HIVE pressured price?
thx
Questions related to legality can be extremly complicated and subject to interpertation in each country of the world... so I cant really answer it ... excha ges list everything so this is missing the point
They have this zypto proposal atm.
They say, it is good to pay for it, because of the direct Hive purchase option + crypto payment. (zypto has no userbase, and very-very expensive, doesn't look like anybody will use it) What would be possible to reach without paying for it, by a well-known exchange, wallet or even crypto-payment gateway what are operating with much competitive fees, and have huge userbase.
HBD not listed anywhere, not available in any exchanges, wallets' EARN section. Not even the non-regulated, no kyc exchanges, wallets have it.
So there must be a general, core legal issue, danger with Hive, if not the HBD is that, then what else is that exactly?
I supposed, the LUNA and their 'stablecoin' kinda potential effect is that.
Actually, HBD is listed on some exchanges, just not many. Many people actually run bots trading HBD on those exchanges, because it is possible to profit from the "stable coin" value and temporary price variations on the exchanges (one of the most well-known examples of this is the HBD stabilizer).
But the reason HBD isn't listed on many exchanges isn't a legal issue, nor something related to Luna, etc. How do I know it has nothing to do with LUNA, etc? Because the same situation was true long before LUNA came on the scene (HBD has been around for many years).
The primary reasons it hasn't been listed on many exchanges is because 1) as a fairly "stable" stablecoin, it isn't particularly speculative, so it doesn't generate a lot of trading from speculators and 2) it doesn't generate a lot of volume that a stablecoin may get by acting as a stable source of value as traders temporarily seek safety between speculative buys because the existing supply isn't large and its not been used as a common-coin across markets on an exchange (think of the way USDT has had a trading pair with a lot of speculative coins on several exchanges).
So even if HBD gets listed on an exchange, its usually just listed either USD or a stable coin and maybe a BTC-HBD pairing. But for a stable coin to generate volume (= profit for an exchange), it has to have pairings across all the speculative coins.
What about the new Genius act?
It states:
'Stablecoin issuers with greater than $10 billion in market capitalization will be subject to federal regulation by the appropriate federal banking agency, while those with $10 billion or less can opt for state regulation if the state framework is substantially similar to the federal one.'
'Payment stablecoin issuers must maintain public redemption policies and ensure price stability relative to the U.S. dollar. They must also publicly disclose the composition of their reserves on a monthly basis.'
As just an average guy, I doubt Hive, HBD got clear legal background, especially not after this new law, especially not in the USA. How it can impact the usage in the rest of the world? USA authorities can make legal actions vs. HBD, even if it's used as payment only outside USA? Does any company use HBD as payment in USA? etc., etc.
I would love to hear more, detailed info about legal status of HBD, I guess, I am not alone who is interested in it, especially after this new law appearance.
Why is the legality such an interest of you? Do you have a company in the US? Do you plan to do something that needs clarification about HBD? Do you want to purchuse large amounts of HBD ... etc...Or just in simple terms why are you pushing so hard on this?
I have some staked HBD + Hive on exchanges. And the 2 are highly connected, 1 goes down, very likely the other will do the same.
So I simply care it's legal status, because I have it, and I don't know it, never looked at it, and looks like to me, nobody else 100% clear about it or just doesn't want to say it.
I read general stuff about stablecoins, and the not backed by fiat, rwa kind of, but even within them found stablecoins what are legally ok, acknowledged.
So just confused enough for asking the ones who should 100% know.
I wonder what happened in summer 2024 where the savings went down
Low hive prices, users were buying hive, and later apr went from 20% to 15%
Hmm with the low hive price we have now, it could happen again then, same period almost too
It seems to have remained fairly stable lately. It's difficult to obtain HBD without exchanging it for Hive.
Thanks so much for this detail information on HBD. You have opened my eyes the more on what hive is and HBD. Hive is a world university
Since hive isn't stable though I have been converting my hbd to my hive power before but now I love saving with hbd and it a target for me to get to 500hbd before the end of the year
$WINE
Very elaborate exposition on Hbd.
I so much love the stabilty of this crypto
Looking forward to when I'll have enough to stake, save and even delegate as well as powering up.
Some great and informative information from you.
Impressive and informative post, love to know much about the hbd journey.
!ALIVE
!INDEED