Sui’s Hashi to launch with $500M in Bitcoin finance commitments
Mysten Labs’ Hashi Bitcoin finance network is set for a phased rollout in October, backed by over $500 million in capital commitments from launch partners. The Sui Foundation said Hashi will let Sui applications use Bitcoin as collateral by minting hBTC on Sui, with underlying BTC returned when users exit.
Why It Matters
If widely adopted, Hashi could open institutional Bitcoin holdings to decentralized finance use cases on Sui — such as lending, borrowing and structured products — while keeping on-chain Bitcoin collateralization. The launch coalition includes custody, trading and infrastructure firms that could help bridge institutional capital into Sui-based products.
Key Facts
- Planned rollout: Phased launch beginning in October
- Capital commitments: More than $500 million from launch partners
- How it works: Hashi mints hBTC on Sui against deposited Bitcoin; burning hBTC returns underlying BTC to the Bitcoin network
- Use cases: Potential applications include lending, borrowing, credit, vaults and structured products
- Launch coalition size: More than 20 companies
Mysten Labs’ Hashi Bitcoin finance network will enter a phased rollout in October with over $500 million in capital commitments from its launch coalition, the Sui Foundation announced. Hashi is designed to let Sui-based applications use Bitcoin as collateral by minting a token called hBTC on Sui when BTC is deposited. When users leave the system, the protocol burns hBTC and returns the corresponding Bitcoin to the Bitcoin network, maintaining a direct link between the on-chain representation and the underlying BTC. The foundation said third-party developers will independently build financial products on top of the infrastructure, including lending, borrowing, credit facilities, vaults and structured products. More than 20 firms are part of the launch coalition, with named participants including BitGo, Bullish, Cumberland, FalconX and Ledger. The foundation also listed Aftermath, Concrete and Fluid among the providers expected to operate Hashi vaults. Anchorage Digital joined as a launch partner, offering institutional clients access via its settlement infrastructure and self-custody wallet and saying it plans to supply stablecoin liquidity to Hashi. Mysten Labs developed Hashi as the founding contributor to Sui, and the Sui Foundation framed the network as a way to unlock institutional Bitcoin capital for DeFi use cases on Sui. The foundation emphasized that third parties will independently create and offer financial products using the Hashi infrastructure.
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