The amount of pHBD cannot exceed the amount of HBD.

Right now there are roughly 10 million HBD out on the market (outside the DHF).

So yes more has to be created in all different ways. Part of it will come from the 50/50 payouts which gets more HBD on the market. Another is the interest paid (p-HBD already has 280 in HBD to claim). The final is conversion.

There is now focus so hopefully more is being generated. Simply by HBD in savings creates more. So the LP is actually helping to produce more.