Hydrogen starvation is still a big problem in PEM fuel cells [1]. In order to provide protons and electrons to the cathode during H2 starvation, the carbon oxidation reaction (COR) takes place at the anode [2]. To solve this issue, there are three main strategies: (i) utilization of corrosion resistant support materials, (ii) integration of extensive and complex system mitigation strategies and finally (iii) the addition of co-catalyst to promote the oxygen evolution reaction(OER) instead of COR. [3, 4]In this work, platinum-iridium (PtIr) nanoparticles (NPs) have been designed as a novel bifunctional electrocatalysts to accelerate either the hydrogen oxidation reaction (HOR) or the OER depending on the reaction conditions. Our catalyst concept is the combination of both functionality (HOR and OER) in single Pt-Ir alloy nanoparticles (NPs) deposited on the same support material. The Pt-Ir NPs with Pt:Ir ratios of 1:1 and 3:1 were prepared by two different (colloidal and wet-impregnation) routes. Very interestingly, the oxidation states of platinum and iridium as well as the particle size strongly vary depending on the synthesis route. More precisely, the wet-impregnation enables preparing Pt-Ir NPs of 3 – 4 nm size and mainly in the metallic state, while strongly oxidized NPs with ~2 nm size are produced by colloidal route. Despite the different oxidation states and particle sizes, the Pt-Ir NPs show considerable activity for HOR and OER compared to pure commercial Pt/C and IrOx catalysts. Very interestingly, the bifunctionality of these Pt-Ir is highly reversible and is robust during accelerated stress tests. Operando Quick-X-ray Absorption Near Edge Structure (XANES) spectroscopy were performed to provide fundamental insights into the reversibility and catalytically active states of these bifunctional catalysts under the working conditions by jumping with the potential between HER and OER within few seconds. The combination of operando XANES, RDE and MEA data show that the bifunctional approach is a promising way to improve the cell reversal-tolerant properties of anode catalyst materials compared to the state-of-the-art Pt-IrOx catalyst materials.