Hashi, a Bitcoin finance infrastructure built natively for Sui, will launch its mainnet this month in a phased rollout, according to a Sui Foundation announcement.
The project has already received more than $500 million in capital commitments, and more than 20 crypto industry firms have joined its launch alliance. Anchorage Digital will participate as one of the first partners.
How Hashi is structured
Hashi is built to bring native BTC into programmable financial markets on Sui. In the setup described by Sui, BTC remains on the Bitcoin network. After users deposit BTC, Hashi mints a corresponding amount of hBTC on Sui, which can then be used in onchain financial applications including lending, credit, yield vaults and structured products.
When users exit, hBTC is burned and the corresponding native BTC is released back to the Bitcoin network.
Liquidity commitments and institutional access
Sui said more than $500 million in committed capital is intended to provide initial liquidity for Bitcoin financial markets on Hashi. That capital is expected to enter lending, borrowing, credit and other BTC-supported markets through Hashi vault providers including Aftermath, Concrete and Fluid.
On the institutional side, Anchorage Digital will connect to Hashi through two channels. Its Atlas settlement and tri-party collateral infrastructure will provide access for institutions that need qualified custody, compliance and operational support. Anchorage Digital's institutional self-custody wallet, Porto, will also support direct use of Hashi by institutions.
Anchorage Digital also plans to provide stablecoin liquidity to Hashi.
BitGo, Bullish, Cumberland, FalconX and Ledger are also participating in the buildout of the Hashi ecosystem.
Use cases listed by Sui
Sui said Hashi is intended to support a range of Bitcoin-based applications, including:
- using BTC as collateral to obtain stablecoin liquidity
- BTC lending and borrowing
- BTC-backed credit products
- automated vaults
- structured products
- real-world assets
- Bitcoin-backed bonds
Security model and rollout timeline
On security, Hashi uses MPC, Sui smart contracts and a Guardian Layer as a multi-layer defense model. BTC collateral uses a 2/2 multisig structure that requires joint authorization from Hashi validators and the Guardian.
The smart contracts have undergone formal verification by Certora, while CommonPrefix completed a cryptographic security review of the MPC protocol.
Sui said the Hashi mainnet will gradually expand access by the end of this month. As partners complete integrations, native BTC will begin to be used in live conditions as programmable collateral across the Sui ecosystem.