One risk factor seems to be that the coin used for backing the stablecoin is subject to hype cycles and doom and gloom cycles. When in a hype cycle, its price can go up tremendously, which allows for creating a vast amount of the stablecoin. Then, when the doom and gloom cycle comes, the coin's price goes down a lot, and it's not able to back the stablecoin anymore.
The haircut rule on Hive is one big way that we can protect against this. If lots of HBD is created when Hive's price is high, and then doom and gloom times come and Hive's price is low, there wouldn't be enough Hive to back all the HBD. System collapse would happen unless HBD creation stops, which it will as soon as we reach the haircut. So, a lesson for us is perhaps to be careful about how much we want to raise the haircut. 10% seems pretty safe.
As you are saying, use cases are the most important thing. It might be that we don't need to increase the haircut rule, we just need to create more use cases, and the use cases will take care of both utilizing HBD and locking up Hive, which would result in increasing Hive's price, thus allowing more HBD to be created. A kind of a very safe way to grow.
Use cases cause holding if for not other reason than necessity. That is where value comes in.
So with HBD (as well as HIVE), we need to keep building out the use cases and having reasons for people to have it in their wallet.
One key with HBD is payment. Another is to have more options for liquidity and bonding. A third is to generate enough money to actually make it a true investment/funding mechanism.
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