Stablecoin startups aren’t just under pressure to scale, we are also simultaneously building the framework of our industry while doing so. The stablecoin market reached a new all-time high in June with total market capitalization growing by 1.58% to $251B. That marks the twenty-first consecutive month of growth for the industry. Further, EY found in September that stablecoins are already being deployed by 13% of financial institutions and enterprises globally, and 54% of non-users expect to adopt the technology in the next six to 12 months.
There is no doubt that the market is high-velocity and expanding, and that means the stakes for leadership are amplified. The current moment is defined by rapid growth, opportunity, and steep competition. In this kind of environment,many founders, stablecoin issuers, and crypto providers will need to scale quickly to capture the benefits of shaping this industry and being early entrants to the market.
As the Chief Operating Officer of Bastion, a regulated cryptocurrency and stablecoin infrastructure company, I am acutely attuned to the importance of getting this pivotal moment right. My approach hinges on the thesis that hiring is a strategic lever to build the muscles needed for long-lasting success. But it can be a landmine of risk if speed trumps process and intentionality.
For companies navigating this fast-paced environment, the balance between scaling fast and doing so with purpose and strategic foresight is mission-critical. Hiring the wrong people can put operational excellence in jeopardy and increase the likelihood of misalignment and miscommunication. What follows are lessons learned from the frontlines of growth.
The Most Important Thing You Build is Your Team
Every single hire sets the tone for all future growth. Cultivating culture equals cultivating growth. Scaling poses challenges that can have lasting impacts—team misalignment, operational inefficiencies, and culture dilution are all potential consequences of misguided growth.
Ben Horowitz, a visionary founder I had the pleasure of working for and learning from, has said that culture is not a set of beliefs, but a set of actions, and I agree. “Culture” – collective action – is what turns the wheels of progress for young companies. It’s not what you say, it’s what you do, including who you promote, fire, and hire.
Hiring Involves More Than Assessing Skills
Every new employee is either a value-add for company culture and achieving goals, or a detraction. Prior to launching into a hiring spree, leaders need to define the values and mission of the organization and view all potential hires through those lenses. This will bring clarity to the process for both parties – the company and the candidate.
For startups, screening for individuals who are also comfortable with change and are high-functioning during moments of uncertainty can minimize the risk of high turnover or hiring someone who is a culture vampire – someone who, even in the best-case scenario, reduces team momentum and, in the worst, creates conflict and disengagement.
In my current role at Bastion, because compliance, product excellence, and security are integral to realizing our value proposition, our hiring roadmap aligns with those priorities. Early on, we scaled compliance teams to address regulatory demands, engineering hires to focus on security and scalability, and people operations leaders to aid in this mission as well. Both teams act as the motor that drives the success of our product offerings and position within the stablecoin market.
Stay Calm and Focused During “Wartime Conditions”
Particularly in early phases of growth, hiring, retaining, and making the decision to part ways with an employee is mission-critical to the business. Hiring should be viewed as a strategic lever to strengthen teams and stay the course while bringing in new ideas and expertise – it’s not just an operational task.
Steady, thoughtful hiring processes don’t slow business down; they make it possible to scale while reducing cultural risk, financial risk, and the risk of misalignment and miscommunication. Especially as teams scale, misalignment can pose a great threat. Strong communication – coming to an agreement on goals and staying aligned – is the operating system that keeps high-velocity teams coordinated.
While navigating all of this as a head of operations, I’ve learned that building with intention is more important than building quickly, despite start-up industry norms that put pressure on speed.
Caroline Friedman is Chief Operating Officer at Bastion.