We consider the problem of a one-dimensional elastic filament immersed in a two-dimensional steady Stokes fluid. Immersed boundary problems in which a thin elastic structure interacts with a surrounding fluid are prevalent in science and engineering, a class of problems for which Peskin has made pioneering contributions. Using boundary integrals, we first reduce the fluid equations to an evolution equation solely for the immersed filament configuration. We then establish local well-posedness for this equation with initial data in low-regularity Hölder spaces. This is accomplished by first extracting the principal linear evolution by a small-scale decomposition and then establishing precise smoothing estimates on the nonlinear remainder. Higher regularity of these solutions is established via commutator estimates with error terms generated by an explicit class of integral kernels. Furthermore, we show that the set of equilibria consists of uniformly parametrized circles and prove nonlinear stability of these equilibria with explicit exponential decay estimates, the optimality of which we verify numerically. Finally, we identify a quantity that respects the symmetries of the problem and controls global-in-time behavior of the system.