After dropping by 60% on Monday, the Iron Bank Euro (ibEUR) stablecoin is not planning to fix the peg. The little-known stablecoin, which has a value of $11 million, dropped from its usual price of $0. 97 to $039 on Monday after a surprise problem with ibEUR’s main trading pool caused the asset’s markets to become unbalanced.
At the moment, ibEUR was back up to $0. 72 because cautious traders were buying in hopes that the peg would be fixed. However, we can’t be sure that ibEUR will go back to its old price soon. Peg lost value because one trader took out almost $900,000 of USDC from the Curve pool, which is used for most ibEUR trading.
According to someone in charge of a chat group for Keep3r Network, the ibEUR-backing protocol is not doing anything to keep the value stable, and it doesn’t have enough money to help keep the asset steady. He also said that it would be good if the Iron Bank team stopped using the 2. 5 million ibEUR borrowed money.