STABLE OR GONE Stablecoin history, events, and sources
Stablecoin record

IRON

Partially collateralized algorithmic stablecoin from Iron Finance that combined USDC with the TITAN share token. A June 2021 bank run and TITAN collapse caused a terminal loss of the peg and protocol failure.

LifecycleCollapsed
Events1
Sources3
Overview
SymbolIRON
Asset classStablecoin
Reference targetFiat
Redemption / exit modelProtocol Redemption
Valuation sourceIRON redemption design, collateral state, and market price during the June 2021 run
Yield / rebase profileNo recorded change · Accrual: No recorded change
Classification notesTerminal partially collateralized stablecoin collapse. Later Iron Finance activity is not treated as recovery of the original IRON.
Lifecycle status
Issuance statusTerminated
Peg referenceFiat · USD
Backing typesStablecoin Collateral, Crypto Collateral, Mixed
StabilizationHybrid
GovernanceProtocol Governed
Primary organizationIron Finance
Primary roleProtocol Operator
Last reviewed2026-06-14
Organizations and roles
OrganizationRoleFromUntilRelationship status
Iron FinanceProtocol Operator—2021-06-16Ended

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Compare this record with the rest of the archive.

Iron Finance

DeFi Protocol · Unknown

Event history

1 event connected to this stablecoin.

Reserve profile
Disclosure statusProtocol Historical
Backing typesStablecoin Collateral, Crypto Collateral, Mixed
SummaryIRON used a partially collateralized design combining USDC with algorithmically priced TITAN. During the June 2021 run, TITAN's collapse impaired the non-USDC portion of the redemption design and the peg failed.
As of2021-06-17
Profile confidenceHigh
Redemption profile
Current statusTerminated
Settlement assetHistorical protocol collateral and TITAN-based redemption components
Eligible partiesHistorical token holders interacting with residual contracts or pools, subject to chain and contract state.
Retail accessFailed Historical Protocol
Institutional accessFailed Historical Protocol
Minimum amountContract and liquidity dependent.
FeeProtocol, slippage, network, and residual-liquidity costs applied.
Settlement timeNot reliably available after the collapse.
Regional limits
Record coverage
SectionEntries
Organizations1
Sources3
Reserve reports0
Regulatory notes0
Deployments1
Issuer-control actions0
Open questions2
Events1
Event timeline
DateEventTypeDetail kindRecovered
2021-06-16IRON V1 collapses during a bank run and TITAN price failureDepegDepegCollapsed
Reserve and attestation history
DatePublisherTypeAssets coveredRecord confidence
No reserve reports have been added yet.
Regulatory and official notices
DateTitleAuthority / publisherTypeSummary
No regulatory notes have been added yet.
Blockchain deployments
ChainStandardDeploymentStatusFreezeBlacklistControl eventsContractNotes
Polygon—Historical Canonical IssuanceCollapsedUnknownUnknown00xD86b5923F3AD7b585eD81B448170ae026c65ae9aPrincipal IRON deployment studied in the June 2021 Polygon bank-run case.
Sources
SourcePublisherTypeEvidence scopeReliability
Iron Finance post-mortem — 17 June 2021Iron FinanceOfficial StatementCollapse Postmortem, Mechanism Failure, Event DateHigh
Runs on Algorithmic Stablecoins: Evidence from Iron, Titan, and SteelBoard of Governors of the Federal Reserve SystemResearch ReportMechanism and Run Analysis, Collateral Model, Depeg EventHigh
IRON token contract on PolygonPolygonScanOnchain ContractContract Identity, Polygon DeploymentHigh
Open questions
TopicWhat remains unclearPriorityLast checked
Bnb Chain Identity and OutcomeThe BNB Chain IRON and STEEL deployment had separate market behavior from the Polygon IRON and TITAN system. Its complete contract identity and final lifecycle require separate verification.Medium2026-06-14
Residual Contract and Liquidity StateResidual balances, pools, redemption functions, and later reuse of Iron Finance contracts were not exhaustively reviewed.Medium2026-06-14