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Record sog_st_iron

IRONIRON

Also recorded as IRON, Iron Stablecoin, Iron Finance IRON

Collapsed

Lifecycle: Collapsed
Issuance: Terminated
Reference target: US dollar
Primary organization: Iron FinanceNo additional recorded relationship
Launch: 2021-03-06
Redemption: Protocol Redemption
Backing: Hybrid or mixed
Stabilization: Hybrid
Last review: 2026-06-25
Evidence: 6 source records

Reviewed assessment

Identity and current state

This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.

Partially collateralized IRON stablecoin launched on Binance Smart Chain on March 6, 2021 and expanded through a separate Polygon deployment on May 18, 2021. The original Polygon IRON and TITAN design failed during the June 2021 bank run.

Name	IRON
Symbol	IRON
Aliases	IRON, Iron Stablecoin, Iron Finance IRON
Asset class	Stablecoin
Lifecycle status	Collapsed
Issuance status	Terminated
Canonical record ID	`sog_st_iron`
Route slug	`iron`
Record confidence	High
Last reviewed	2026-06-25

Name: IRON
Symbol: IRON
Aliases: IRON, Iron Stablecoin, Iron Finance IRON
Asset class: Stablecoin
Lifecycle status: Collapsed
Issuance status: Terminated
Canonical record ID: sog_st_iron
Route slug: iron
Record confidence: High
Last reviewed: 2026-06-25

Record coverage

Section	Entries
Organizations	1
Sources	6
Reserve reports	0
Reserve components	2
Model-history events	3
Regulatory notes	0
Deployments	2
Issuer-control actions	0
Open questions	3
Events	3

Organizations and control

Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.

Governance: Protocol Governed
Primary display organization: Iron Finance
Primary display role: Protocol operator
Display selection mode: Deterministic Policy
Current relationships: 0
Ended relationships: 1
Unknown relationship state: 0
Freeze capability: 0 recorded yes · 0 recorded no · 2 not recorded
Blacklist capability: 0 recorded yes · 0 recorded no · 2 not recorded
Deployment control-event references: 3
Observed issuer-control events: 0
Relationship coverage: 1 recorded relationship

All current, ended, and unknown-state organization relationships
Organization	Organization category	Regulatory character	Jurisdiction	Role	Display priority	From	Until	Relationship status
Iron Finance	Protocol or software system	Protocol or decentralized system	Unknown or not publicly resolved	Protocol operator	Primary display	Not yet recorded	2021-06-16	Ended relationship

Protocol or software system

Iron Finance

Primary display

Functional role: Protocol operator
Relationship status: Ended relationship
Regulatory character: Protocol or decentralized system
Jurisdiction: Unknown or not publicly resolved
From: Not recorded
Until: 2021-06-16

Mechanism

How the asset works

Reference, backing, stabilization, exit, valuation, and yield remain separate facts.

Reference target: US dollar
Reference kind: Fiat
Comparison category: US dollar
Target value: 1
Reference methodology: IRON targeted one U.S. dollar through a partially collateralized design using USDC and the TITAN share token.
Public backing model: Hybrid or mixed
Canonical backing types: Stablecoin Collateral, Crypto Collateral, Mixed
Reserve component categories: Stablecoin Collateral, Crypto Collateral
Primary stabilization mechanism: Hybrid
Recorded model description: Partially Collateralized Usdc Titan
Redemption / exit model: Protocol Redemption
Valuation source: IRON redemption design, collateral state, and market price during the June 2021 run
Yield / rebase profile: No recorded change · Accrual: No recorded change
Classification notes: Terminal partially collateralized stablecoin collapse. Later Iron Finance activity is not treated as recovery of the original IRON.

Reserve and redemption

Recorded components, disclosures, reports, and redemption conditions remain explicit.

Reserve components

Stablecoin collateralStablecoin Collateral
Crypto collateralCrypto Collateral

Reserve profile

Disclosure status	Protocol Historical
Backing types	Stablecoin Collateral, Crypto Collateral, Mixed
Summary	IRON 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 of	2021-06-17
Profile confidence	High

Disclosure status: Protocol Historical
Backing types: Stablecoin Collateral, Crypto Collateral, Mixed
Summary: IRON 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 of: 2021-06-17
Profile confidence: High

Redemption profile

Current status	Terminated
Settlement asset	Historical protocol collateral and TITAN-based redemption components
Eligible parties	Historical token holders interacting with residual contracts or pools, subject to chain and contract state.
Retail access	Failed Historical Protocol
Institutional access	Failed Historical Protocol
Minimum amount	Contract and liquidity dependent.
Fee	Protocol, slippage, network, and residual-liquidity costs applied.
Settlement time	Not reliably available after the collapse.
Regional limits	Chain-specific contracts and residual pools must be reviewed separately. Later Iron Finance products do not prove recovery of the original IRON stablecoin.

Current status: Terminated
Settlement asset: Historical protocol collateral and TITAN-based redemption components
Eligible parties: Historical token holders interacting with residual contracts or pools, subject to chain and contract state.
Retail access: Failed Historical Protocol
Institutional access: Failed Historical Protocol
Minimum amount: Contract and liquidity dependent.
Fee: Protocol, slippage, network, and residual-liquidity costs applied.
Settlement time: Not reliably available after the collapse.
Regional limits: Chain-specific contracts and residual pools must be reviewed separately. Later Iron Finance products do not prove recovery of the original IRON stablecoin.

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
No reserve reports have been added yet.

No reserve reports have been added yet.

Deployments and legal context

Network state, contract identity, legal notices, and value states remain separate.

Blockchain deployments

Network	Network record state	Standard	Public deployment category	Canonical deployment type	Operational state	Recorded status	Change or proposal state	Canonicality	Canonicality record state	Verification state	Contract identity state	Contract or identifier	Freeze	Blacklist	Control events	Notes
BNB Smart Chain	Specific network recorded	Not yet recorded	Historical or legacy deployment	Historical Original Issuance	Unknown or unresolved	Failed or Inactive	No separate change state recorded	Legacy deployment	Canonicality recorded	Source-linked record; identifier not recorded	Identifier not recorded	Identifier not recorded	Not yet recorded	Not yet recorded	1	Original IRON protocol deployment launched on 2021-03-06 using BUSD, USDT, and the STEEL share token. Exact contract identity, first mint, and final BSC lifecycle remain unresolved.
Polygon	Specific network recorded	Not yet recorded	Historical or legacy deployment	Historical Canonical Issuance	Collapsed or failed	Collapsed	No separate change state recorded	Legacy deployment	Canonicality recorded	Identifier recorded; verification not recorded	Identifier recorded	0xD86b5923F3AD7b585eD81B448170ae026c65ae9a	Not yet recorded	Not yet recorded	2	Separate Polygon IRON deployment launched on 2021-05-18 using USDC and TITAN. This deployment became the principal June 2021 bank-run and collapse case.

Regulatory and official notices

Date	Title	Authority / publisher	Type	Summary
No regulatory notes have been added yet.

No regulatory notes have been added yet.

Evidence

Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.

6 source identities · 6 evidence relations
Source	Publisher	Source category	Provenance	Primary or secondary	Supported claims	Archive	Reliability
Iron Finance post-mortem — 17 June 2021 Published 2021-06-17	Iron Finance	Official statement or announcement Canonical: Official Statement	Subject-controlled source	Primary source	Collapse Postmortem, Mechanism Failure, Event Date	Archive index or wildcard	High
Runs on Algorithmic Stablecoins: Evidence from Iron, Titan, and Steel Published 2022-06-02	Board of Governors of the Federal Reserve System	Research or security report Canonical: Research Report	Independent third-party source	Secondary source	Mechanism and Run Analysis, Collateral Model, Depeg Event	Archive index or wildcard	High
IRON token contract on Polygon Published Not yet recorded	PolygonScan	On-chain record or explorer Canonical: Onchain Contract	Technical primary source	Primary source	Contract Identity, Polygon Deployment	No archive recorded	High
IRON: The first partial-collateralized stablecoin on Binance Smart Chain Published 2021-03-04	Iron Finance	Official statement or announcement Canonical: Official Blog	Subject-controlled source	Primary source	Launch Date, Bsc Launch, Minting, Redemption, Liquidity Rollout, Original Bsc Public Launch	Archive index or wildcard	High
Iron Finance Expansion to Polygon Published 2021-05-16	Iron Finance	Official statement or announcement Canonical: Official Blog	Subject-controlled source	Primary source	Polygon Launch Date, Separate Deployment, Usdc Titan Collateral, Bsc Predecessor, Polygon Network Launch and Separate Token Set	Archive index or wildcard	High
IRON Stablecoin Launch — 25 August 2021 Published 2021-08-24	Iron Finance	Official statement or announcement Canonical: Official Blog	Subject-controlled source	Primary source	V2 Launch, Redesigned Collateral Model, Post Collapse Successor Boundary, Post Collapse Redesigned V2 Launch	Archive index or wildcard	High

Known unknowns

Known unknowns and coverage

Missing or disputed facts remain visible instead of being converted into certainty.

Open questions

Topic	What remains unclear	Value state	Priority	Last checked
Bnb Contract First Mint and Final Lifecycle	The original BSC public launch is fixed to 2021-03-06, but the complete BSC contract identity, exact first mint, supply history, and final deployment lifecycle are not normalized.	Unknown after review	Medium	2026-06-25
Residual Contract and Liquidity State	Residual balances, pools, redemption functions, and later reuse of Iron Finance contracts were not exhaustively reviewed.	Unknown after review	Medium	2026-06-14
V1 V2 Token and Liability Continuity	Iron Finance launched a redesigned IRON v2 in August 2021 after stating that the stablecoin would be rebuilt from scratch. Token-contract continuity, holder migration, liability continuity, and the final v2 lifecycle are not normalized.	Unknown after review	High	2026-06-25

Bnb Contract First Mint and Final Lifecycle

The original BSC public launch is fixed to 2021-03-06, but the complete BSC contract identity, exact first mint, supply history, and final deployment lifecycle are not normalized.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-25

Residual Contract and Liquidity State

Residual balances, pools, redemption functions, and later reuse of Iron Finance contracts were not exhaustively reviewed.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-14

V1 V2 Token and Liability Continuity

Iron Finance launched a redesigned IRON v2 in August 2021 after stating that the stablecoin would be rebuilt from scratch. Token-contract continuity, holder migration, liability continuity, and the final v2 lifecycle are not normalized.

Value state: Unknown after review
Priority: High
Last checked: 2026-06-25

Lifecycle

History

Current classification remains separate from dated changes and incidents.

Model and lifecycle changes

2021-03-06Iron Finance launches the original IRON protocol on BSCLaunch
2021-05-18Iron Finance launches a separate IRON deployment on PolygonOther
2021-06-16IRON V1 collapses during a bank run and TITAN price failureDepeg

Event timeline

Date	Event	Category	Subtype	Status effect	Recovery
2021-03-06	Iron Finance launches the original IRON protocol on BSC	Launch and introduction	Launch	Remained active	Not applicable
2021-05-18	Iron Finance launches a separate IRON deployment on Polygon	Launch and introduction	Launch	Remained active	Not applicable
2021-06-16	IRON V1 collapses during a bank run and TITAN price failure	Depeg and peg stress	Depeg	Collapsed or failed	Collapsed

Related records and corrections

Corrections and further reading

Open connected records, methodology, machine-readable data, or report a correction.