This is close to the market perspective I use to view it. The blockchain has the ability (currently limited in volume, but still there) to create HBD using $1 worth of HIVE. The market is paying $2 for HBD. So stakeholders are doing the only natural thing one does in a market, selling as many dollars bills as you can get your hands on for two dollars.

Whether or not this actually results in the market price of HBD being driven down to $1 is somewhat irrelevant, and I have said so in just about every single post about @hbdstabilizer since the very first one. Even if it doesn't, selling $1 worth of HIVE for $2 still accrues to the benefit of stakeholders and the DHF (which is mostly the same thing).