Sui’s Hashi Bitcoin lending protocol has processed more than 1.1 million Bitcoin deposits and 165,000 withdrawals within three weeks of its testnet launch on July 22. As of last week, more than 25 institutions had joined stress testing for the system, according to Bitcoin.com News. Participants named in the report include digital asset custodian BitGo, trading firm Cumberland, as well as Swissborg, Fluid and Ledger, spanning trading, custody infrastructure and wealth management platforms. Hashi lets users deposit native Bitcoin and receive hBTC after Sui validators confirm the transaction, with the minted asset used for on-chain lending and stablecoin borrowing. For security, deposits use a 2-of-2 multisignature setup backed by MPC validator signatures, while withdrawals are subject to review through the Guardian Layer. The project plans to move toward a 2026 mainnet launch after that security layer completes its security review.
Sui’s Hashi Bitcoin lending protocol has processed more than 1.1 million Bitcoin deposits and 165,000 withdrawals in the three weeks since its testnet went live on July 22, according to an Odaily report citing Bitcoin.com News.
More than 25 institutions joined testing
As of last week, more than 25 institutions had taken part in stress testing for the system. Named participants include digital asset custodian BitGo, trading firm Cumberland, and Swissborg, Fluid and Ledger.
The report said those participants span trading, custody infrastructure and wealth management platforms.
How Hashi works
Hashi allows users to deposit native Bitcoin. After Sui validators confirm the transaction, the protocol mints hBTC, which can then be used for on-chain lending and stablecoin borrowing.
On the security side, deposits use a 2-of-2 multisignature mechanism with MPC validator signatures. Withdrawals must pass review by the Guardian Layer. The project will move toward a 2026 mainnet launch only after that security layer completes its security review.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
