“Like many financial collapse stories, this is a story of folly.”
IRON was a stablecoin backed 75 percent by USDC and 25 percent by a token called TITAN. When TITAN went to zero, the redemption contract required a price greater than zero and stopped working. That left $262 million in USDC locked up by a missing equals sign. “Algorithmic stablecoin” means a bank run with extra steps.