Question 1

What is Iron Bank Euro (IBEUR)?

Accepted Answer

Iron Bank Euro (IBEUR) is a euro-pegged stablecoin issued by Fixed Forex, which is a decentralized issuance mechanism built on top of the Iron Bank protocol, originally created by Andre Cronje. Users mint IBEUR by depositing collateral into Iron Bank vaults, allowing them to generate the token in exchange. While designed to mirror the value of the euro, IBEUR experienced a severe depeg in late 2023, during which its value dropped by as much as 60 percent.

Question 2

What is IBEUR used for?

Accepted Answer

- **Euro-denominated liquidity** within DeFi environments that accept it, such as the Iron Bank ecosystem  
- **Collateral-backed issuance** enabling users to access euro value without selling their crypto holdings  
- **Cross-pool arbitrage** as part of liquidity management, primarily via Curve pools.

Question 3

Technical vulnerabilities and depeg incident

Accepted Answer

A major depeg event occurred when a single trader withdrew roughly $900,000 in USDC from the IBEUR/USDC Curve liquidity pool. This triggered a steep drop in IBEUR’s value from near its peg to as low as $0.39, before partially rebounding to around $0.70. The network lacked treasury funds to actively stabilize the peg and no formal peg restoration mechanism was engaged at the time.

Question 4

Who created Iron Bank Euro (IBEUR)?

Accepted Answer

IBEUR is issued via the Fixed Forex framework built on the Iron Bank protocol pioneered by Andre Cronje. The issuance operates through community-controlled vaults, and there is no single centralized issuer entity or formal project team; governance is generally informal and spread across contributors to the protocol.