I agree with the 20% interest rate. It is clear that there is very significant demand chasing relatively low risk yield in stables and 20% would put us at the top of the competition with the likes of UST.

In terms of locking up HBD over Powering up, I think I agree with you that the attractiveness of HBD may actually cause people to buy HIVE in order to convert it to HBD for lack of any real venues outside of Korea where liquidity is ample. I do think that there are probably some debates needed on whether the 5% fee to burn HIVE for HBD is on the higher side, as I imagine that is going to be the main method of obtaining a more substantial amount of HBD. Of course, an increase in the market cap of HIVE triggered by this will allow for more HBD to be printed with the current debt cap, and I am aware of discussions to also raise this, but I still believe the 5% fee for conversion leans on the higher side.

I also think it's pertinent to debate a potential rebranding of HBD to something that resembles "USD" a little more. It's such a small thing but I feel as though people feel less secure with things like DAI and HBD as opposed to UST, USDT, USDC simply because of the (un)familiar nomenclature to outsiders.