There is a 5% fee for converting HIVE to HBD. Meaning this is getting profitable only if the price of HBD is at $1.05 or more. Plus there is a 3.5 conversion window that add market risk on top of it, so to be on the safe side you really want the price for HBD to be up a lot.
Meanwhile the stabilizer has a bunch of HBD from the DHF (130k per day to be exact) and it is selling it to a small premium of 1% or less, meaning 1.01 price. What this means that the stabilizer is the only one that can profit for a HBD price in the range of 1.01 to 1.05.
What this means that for this price range the stabilizer is the only one that will keep profiting and growing the DHF balance and locking HIVE in the process. Now the DHF is not a single entity and it serves the whole Hive ecosystem, but I think it still needs to be on a same level playing field with everyone else, meaning selling HBD for the same premium as the fee for conversions. At the moment that will be 5% premium or more preferably we change the conversion fee from 5% to 1%. This will most likely make HBD to scale more easy as well. Maybe there is still room in the next HF for this?
Any thoughts are welcomed :)