What is Iron Bank EUR (IBEUR)?

Quick Facts

  • Token symbol: IBEUR
  • Blockchain: Ethereum (ERC-20)
  • Peg target: 1:1 with the Euro (EUR)
  • Collateral model: Over-collateralized, credit-based
  • Protocol suite: Fixed Forex by Keep3r Network
  • Smart contract name: FixedEUR
  • Launch year: 2021

Introduction

Iron Bank EUR (IBEUR) is a Euro-pegged stablecoin built on the Ethereum blockchain. It is designed to give DeFi users access to a stable, non-USD digital currency that mirrors the value of the Euro while remaining fully on-chain and decentralized.

Unlike centralized stablecoins backed by bank deposits, IBEUR relies on over-collateralization and the Iron Bank lending infrastructure to maintain its peg.

History & Background

IBEUR was launched in 2021 as part of the Fixed Forex initiative — a project under the Keep3r Network umbrella. Fixed Forex is the collective name for a suite of fiat-pegged tokens covering major world currencies including EUR, GBP, CHF, AUD, JPY, and KRW, among others.

The goal was to bring decentralized, non-USD forex liquidity into the Ethereum DeFi ecosystem, addressing a gap that had long been dominated by USD-pegged stablecoins.

How Iron Bank EUR Works

IBEUR is a credit-based stablecoin. Users obtain IBEUR by depositing collateral through the Iron Bank protocol — a protocol-to-protocol lending platform originally connected to the CREAM Finance ecosystem. The collateral must be maintained at a ratio greater than the fiat value of the IBEUR borrowed, making it over-collateralized by design.

The smart contract (named FixedEUR) interfaces directly with Iron Bank lending pools, minting and redeeming IBEUR against the underlying collateral in a trustless manner.

Tokenomics

IBEUR is minted by users who deposit eligible collateral and is burned when that collateral is reclaimed. The token's economic design is built around collateral health ratios — if a position becomes under-collateralized, liquidation mechanisms protect the peg.

The token has a fixed issuance model tied to collateral demand, meaning no arbitrary inflation; new tokens only come into existence when new collateral is locked in the protocol.

Circulating supply ? 3.00 million IBEUR
Total supply ? 3.00 million IBEUR
Max supply ? -- IBEUR
Updated 7d ago

Ecosystem & Use Cases

IBEUR can be used across a growing number of DeFi applications on Ethereum:

  • Liquidity provision on decentralized exchanges such as SushiSwap
  • Yield farming by depositing into euro-denominated liquidity pools
  • Payments and settlement in Euro-equivalent value without relying on centralized issuers
  • Cross-currency DeFi strategies for users wanting Euro exposure without leaving the blockchain

Team, Governance & Community

IBEUR was developed by the team behind the Keep3r Network, a decentralized job marketplace for smart contract automation. Governance over the Fixed Forex protocol is managed on-chain, with a governor address controlling key protocol parameters through a time-delayed mechanism built into the smart contract.

The community can follow development and proposals through the Keep3r Network channels.

Advantages

  • Non-USD stablecoin: Provides Euro-denominated liquidity in a market dominated by USD stablecoins
  • Decentralized issuance: No centralized custodian; collateral is held in smart contracts
  • Over-collateralized design: Adds a layer of security and resilience to the peg
  • DeFi composability: Works with existing Ethereum protocols and DEXs seamlessly

Risks & Challenges

  • Peg stability: IBEUR has historically traded off its 1:1 EUR peg, sometimes by a significant margin
  • Death spiral risk: As a collateral-backed stablecoin, sharp drops in collateral value can trigger negative feedback loops
  • Protocol dependency: IBEUR's security is tied to the Iron Bank protocol, which carries its own smart contract and liquidity risks
  • Low liquidity: Trading volumes are relatively thin, which can amplify price deviations from the peg

Long-Term Vision

The long-term vision of Fixed Forex, and IBEUR specifically, is to establish decentralized forex infrastructure on-chain. By providing stablecoins pegged to major world currencies, the project aims to enable global, permissionless financial activity that goes beyond the USD-centric nature of most DeFi protocols. Broader adoption of euro-denominated DeFi instruments would strengthen IBEUR's role as foundational liquidity in a multi-currency decentralized economy.

Frequently Asked Questions

IBEUR is pegged 1:1 to the Euro (EUR). It is designed to maintain this peg through an over-collateralized, credit-based mechanism on the Ethereum blockchain.

Fixed Forex is a suite of fiat-pegged stablecoins developed under the Keep3r Network. It covers multiple world currencies including EUR, GBP, CHF, AUD, JPY, and KRW, all issued as ERC-20 tokens on Ethereum.

IBEUR is minted by depositing eligible collateral into the Iron Bank protocol. The collateral must exceed the value of the IBEUR minted, maintaining an over-collateralized position.

No. IBEUR is issued through decentralized smart contracts with no centralized custodian holding fiat reserves. Its peg is maintained through collateralization and on-chain liquidation mechanisms.

IBEUR is traded primarily on decentralized exchanges such as SushiSwap. It can be accessed by anyone with a compatible Ethereum wallet using the token's contract address.

Key risks include peg instability, since IBEUR has traded off its EUR peg historically, and dependency on the Iron Bank protocol's security. There is also a death spiral risk if collateral values drop sharply.

IBEUR was built by the team behind the Keep3r Network as part of the Fixed Forex project. Governance is managed on-chain through a time-locked governor mechanism.

IBEUR operates on the Ethereum mainnet as an ERC-20 token. Its contract address is 0x96E61422b6A9bA0e068B6c5ADd4fFaBC6a4aae27.