Sui's Hashi Bitcoin Finance Network to Launch With Over $500 Million in Capital Commitments
Key Takeaways
- •Hashi, developed by Mysten Labs, will start a phased rollout in October with more than $500 million in capital commitments from its launch partners.
- •The network mints hBTC on Sui against deposited Bitcoin, enabling use in lending, borrowing, credit, vaults, and structured products, with hBTC burned when users exit and the underlying BTC returned.
- •More than 20 companies, including BitGo, Bullish, Cumberland, FalconX, and Ledger, form the launch coalition, while Aftermath, Concrete, and Fluid are expected to run Hashi vaults.
- •Anchorage Digital joined as a launch partner, giving institutional clients access through its settlement infrastructure and self-custody wallet, and plans to supply stablecoin liquidity to the network.
- •The Sui Foundation said third parties will independently create and offer financial products on Hashi, addressing Bitcoin's historically limited programmability in decentralized finance.
Mysten Labs' Hashi Bitcoin finance network will begin a phased rollout in October with more than $500 million in capital commitments from its launch partners, according to an announcement from the Sui Foundation on Thursday.
Hashi is designed to make Bitcoin (BTC) usable as collateral within Sui applications. When users deposit Bitcoin, hBTC is minted on Sui against the deposited BTC, which can then be deployed across applications such as lending, borrowing, credit, vaults and structured products. When users exit, hBTC is burned and the underlying BTC is returned to the Bitcoin network.
Bitcoin is the largest cryptocurrency by market capitalization, but its limited native programmability has historically kept much of the asset outside decentralized finance, and representing BTC on smart-contract networks has become a significant area of development across the industry.
The network's launch coalition includes more than 20 companies, among them BitGo, Bullish, Cumberland, FalconX and Ledger, according to Sui. Aftermath, Concrete and Fluid were named as providers expected to run Hashi vaults.
Crypto custodian Anchorage Digital has joined the coalition as a launch partner, offering institutional clients access through its settlement infrastructure and self-custody wallet. The company also plans to provide stablecoin liquidity to Hashi, the announcement said.
"Public companies and institutions hold enormous amounts of Bitcoin, but their ability to use that capital has been constrained by the technology available to them and the limitations of the DeFi space," said Nathan McCauley, CEO and co-founder of Anchorage Digital.
Hashi was developed by Mysten Labs, the founding contributor to Sui. The foundation said third parties will independently create and offer financial products built on the infrastructure. With the phased rollout set to begin in October, milestones to watch include the launch of vaults run by Aftermath, Concrete and Fluid, Anchorage Digital's planned stablecoin liquidity, and products that third parties bring to the network.
