Let me take you back to a moment that shook the crypto world—one that still lingers in conversations at meetups and boardrooms. A candidate I had just placed in a prominent DeFi project texted me at 3 a.m. Their team had been blindsided by the collapse of a major stablecoin. Billions wiped out, trust shattered, and careers suddenly uncertain. “How do you recruit for a sinking ship?” they asked. It was raw, desperate—a question that’s haunted me since.
Stablecoins, ironically named for their promise of stability, have been at the heart of crypto’s dream of decentralisation. But when one collapses, it’s not just numbers on a screen. It’s livelihoods, credibility, and a test of whether our systems are as resilient as we’d like to believe. Here are the hard-learned lessons I’ve gathered from being in the trenches of crypto recruitment during these turbulent times.
Trust Is a Fragile Commodity
When TerraUSD (UST) imploded in 2022, it exposed just how delicate the balance of trust is. Pegged to the US dollar through an algorithmic model, UST was supposed to be a safe haven. Instead, it unravelled in days, wiping out over $40 billion in market value.
What worked? Hiring managers who addressed concerns head-on, showing how they were diversifying reserves or improving audits. Being open about vulnerabilities, while demonstrating a proactive stance, won over sceptical talent.
What didn’t? Brushing off the collapse as an isolated incident or banking on hype to fill roles. People want to feel secure, not sold to.
Resilience Requires Redundancy
One glaring issue with failed stablecoins is their overreliance on single points of failure. Whether it’s a flawed algorithm, inadequate reserves, or a single collateral type, the lack of redundancy becomes a ticking time bomb.
In hiring, the lesson is similar: don’t put all your eggs in one basket. During times of instability, companies that had cross-functional teams—where engineers understood finance and vice versa—fared better. Why? Because they could adapt quickly.
Example: After the TerraUSD debacle, one startup I worked with shifted their hiring strategy to focus on multidisciplinary candidates. They sought developers who could also analyse risk and financial analysts who understood blockchain. The result? A team that could pivot and innovate when markets wobbled.
Takeaway: Build redundancy into your team’s skill set. It’s not just about having backups; it’s about fostering a culture of adaptability.
Regulation Isn’t the Enemy
Recruitment in this climate meant finding candidates who weren’t just tech-savvy but also compliance-minded. This wasn’t always easy. Let’s be honest: crypto’s “move fast and break things” ethos doesn’t exactly scream “regulatory compliance.”
What worked? Highlighting roles that intersected crypto and legal frameworks. One client launched a “RegTech” division, and the response from candidates was overwhelming. People are drawn to companies shaping the future of regulation, not dodging it.
What didn’t? Assuming candidates would compromise their values to chase innovation. The new wave of crypto talent wants to build something enduring—and that means playing by (or even rewriting) the rules.
Community Is the Ultimate Safety Net
The thing about a stablecoin collapse is that it’s never just about the code or the collateral. It’s about the people who believed in it. When that belief is shattered, rebuilding isn’t a one-person job.
In recruitment, I’ve seen the power of strong communities. Projects with engaged user bases and transparent leadership bounced back faster. Why? Because their communities rallied, bringing new ideas, funding, and even talent to the table.
Case in point: After a smaller stablecoin faltered in 2023, a community-driven initiative helped it recover. They organised hackathons, engaged with users, and turned sceptics into advocates. The company’s hiring pipeline? Flooded with applicants inspired by their resilience.
Pro tip: When hiring, look for candidates who value collaboration and community-building. These are the people who will stick around when times get tough.
The Changing Landscape
The crypto industry isn’t the Wild West it once was. Stablecoin collapses, while devastating, have forced us to mature. Resilient systems—both technical and human—are now non-negotiable.
From my vantage point in crypto recruitment, here’s what I see changing:
- Smarter Risk Management: Companies are investing in stress testing and transparency. Candidates are asking better questions, too.
- Focus on Interdisciplinary Talent: The best teams aren’t just coders or economists—they’re a mix of both.
- Shift Towards Sustainability: Hype is out; long-term impact is in. People want to work on projects that won’t just survive but thrive.
Stablecoins may promise stability, but as we’ve learned, no system is foolproof. The key is building resilience—in our systems, our teams, and ourselves. And maybe, just maybe, the next collapse won’t feel quite so catastrophic.
