In San Francisco, programmer Zhou Yan was coding the world's first USDC smart contract while a bank run was erupting outside. He stared at the constant value of $1.00 on the screen, remembering how his father's small textile factory evaporated during the 2008 financial crisis.

Three years later, in Venezuela. Maria, the bakery owner, scanned the USDC paid by customers with her phone, while a tablet on the oven displayed 1 USDC = 1 dollar in real-time. "Much more reliable than the bolivar," she said with a smile, wiping her floury hands, "at least I can buy the same amount of flour tomorrow."

When Zhou Yan received this transaction record on the blockchain, Bitcoin was plummeting. He rubbed the nameplate left by his father and added an anti-inflation module to the new contract—this time, he wanted to be an anchor in the storm.