Sui Foundation and Mysten Labs said on July 22 that they have launched the testnet for Hashi, a Bitcoin collateral protocol designed to let BTC support on-chain lending and credit markets without being wrapped into synthetic tokens or moved through a cross-chain bridge. Under the setup described by the teams, Bitcoin remains on the Bitcoin network, while deposits are secured through a 2-of-2 multisignature structure that requires signatures from both Hashi MPC validators and an independent Guardian Layer. Loan terms and collateral positions are recorded on-chain so lenders can review the backing behind each position. More than 25 institutional partners are already testing Hashi’s lending and credit applications, including Bitgo, Cumberland, FalconX, Ledger, Blockdaemon, Bullish, and Sui ecosystem lending platforms Navi and Scallop. Wave Digital Assets has also committed to advancing a three-year tokenization plan for a Bitcoin yield bond on Sui after Hashi reaches mainnet. No mainnet launch date has been announced.
Odaily reported that Sui Foundation and Mysten Labs launched the Hashi testnet on July 22, introducing a Bitcoin collateral protocol that allows BTC to support on-chain lending and credit markets without being wrapped into a synthetic token or transferred through a cross-chain bridge.
Bitcoin stays on the Bitcoin network
According to the announcement, Hashi keeps Bitcoin on the Bitcoin network. Deposits are protected through a 2-of-2 multisignature mechanism that requires signatures from both Hashi MPC validators and an independent Guardian Layer. Loan terms and collateral positions are recorded on-chain, allowing lenders to review the collateral backing each position.
More than 25 institutions are testing the protocol
More than 25 institutional partners are testing Hashi’s lending and credit applications, including Bitgo, Cumberland, FalconX, Ledger, Blockdaemon, Bullish, as well as Sui ecosystem lending platforms Navi and Scallop.
Mainnet date still undisclosed
Wave Digital Assets has committed to moving forward with a three-year tokenization plan for a Bitcoin yield bond on Sui after Hashi goes live on mainnet. Hashi has not announced a mainnet launch date.
Sui disclosed the devnet phase for Hashi in March and described the protocol as a way to improve capital efficiency for the roughly $1.4 trillion Bitcoin market.
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