There are a lot of differences between Terra and UST. The similarities are of an algo stablecoin that was paying 20%. That is like comparing two stocks that pay 4% dividend yet one ends up bankrupt.
Hive has taken more steps to ensure the security of HBD along with the fact there is greater utility for HIVE. The idea of scarce digital real estate could enter in the future. There was no reason to have the backing coin of UST other than to create more UST.
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Does it not apply negative pressure on the price of Hive?
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It only applies negative pressure if HBD is underpriced on a free market. It's because, when you can't sell for 1$, you can convert it to HIVE which increases its supply.