On March 19, 2026, the Sui Foundation announced the upcoming devnet launch of Hashi, a Sui-based primitive designed to integrate native Bitcoin (BTC) into onchain financial services. The initiative aims to unlock capital efficiency for the $1.4 trillion Bitcoin market, offering both institutional and retail participants compliant BTC-backed lending and yield opportunities.
What is Hashi?
Hashi is a decentralized primitive that leverages multi-party computation (MPC) and the ERC-3643 standard to enable users to lend or borrow against Bitcoin without selling the underlying asset. The core idea is to empower developers to design solutions that open access to trillions of dollars in BTC liquidity. Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs, stated: "Think of Hashi as the unlock for developers to design solutions opening access to trillions in BTC liquidity."
Technical Architecture and Security
Hashi employs multi-party computation (MPC) to ensure secure custody and management of Bitcoin assets on-chain. The protocol also integrates the ERC-3643 standard, a compliance-oriented tokenization standard, ensuring that Bitcoin financial products meet regulatory requirements. On the security front, Hashi incorporates institutional-grade insurance from Soter and formal verification from top security firms like Certora to guarantee mathematical certainty and collateral safety. These measures enable Hashi to meet institutional-level security standards.
Industry Giants Back the Initiative
Several industry giants have committed to providing liquidity for Hashi. Bitgo, Bullish, FalconX, and Ledger are among the institutions that will contribute to the BTC and stablecoin lending market. Additionally, Erebor Bank has pledged liquidity. These partners will help Hashi build deep liquidity pools in the initial phase, ensuring smooth lending operations.
Future Roadmap
Hashi will first undergo testing in a devnet phase before moving to the mainnet. On mainnet, partners like Wave Digital plan to issue secured, rated bonds collateralized by Bitcoin. Additionally, native Sui protocols such as Navi and Scallop will provide immediate access to BTC-backed stablecoin loans for the broader community. Retail users will also be able to access Hashi-powered lending services through local protocols like Alphalend and Suilend.
The launch of Hashi marks a significant step in transforming Bitcoin from a mere digital gold into a productive financial asset. By bringing Bitcoin into the DeFi ecosystem, both institutions and individuals can more efficiently utilize their Bitcoin holdings without selling them. The Sui Foundation's move not only strengthens its network's competitiveness in DeFi but also injects new growth momentum into the entire cryptocurrency industry.