This is a derivative on the Hive Backed Dollar (HBD). That coin is located on the Hive blockchain.
$pHBD is the token located on the Polygon network. It is part of the Polycub application.
Each $pHBD is backed by HBD. Individual create $pHBD by using the LeoBridge to "move" the HBD from Hive to Polygon.
Since HBD is a stablecoin, $pHBD mirrors that. However, holding pegs is dependent upon market conditions. One of the key is arbitrage by traders. A derivative of this nature provides opportunities that market participants can leverage for gain.
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