Umm - it could be done, but there would also be a massive amount of value to have a decentralized stablecoin, native to Hive. So I am guess there are still some things to try.

Also, at the current rate, the total HIVE supply would be cut by about 6-7% over the next year, whilst simulataneously topping up the HDF - which is not a bad "fail" result. I don't expect it to continue this way as HIVE increases in price though.