Portion yes. But not close to all of it. Everything has risk. HBD's track record of working moderately well as a stable coin has a lifespan of a few months. The Hive blockchain itself could have catastrophic issues even though it's been working fine for years so this seems less likely. The 12% as others have noted is a variable rate. Haircuts are still possible (but current market suggests unlikely near term). Buyer beware.