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ZEC $1,211 Sui's Hashi to launch with $500M in Bitcoin finance commitments
Hashi, built by Mysten Labs for Sui, will start a phased mainnet rollout in October with more than $500 million in commitments.
Key takeaways
- Commitments, not deposits. The more than $500 million is committed capital from Hashi's launch coalition, not live on-chain deposits.
- More than 20 partners. The launch coalition includes more than 20 companies, among them BitGo, Bullish, Cumberland, FalconX and Ledger.
- Rollout starts in October. Hashi will begin a phased mainnet rollout in October, after developers tested it on a global testnet in July.
What happened
Hashi, the Bitcoin finance network developed by Mysten Labs, will begin a phased mainnet rollout in October, the Sui Foundation said on Oct. 8. The network has more than $500 million in capital commitments from its launch partners, and Anchorage Digital has joined as a launch partner.
Hashi uses BTC as collateral in Sui applications by minting hBTC on Sui against deposited Bitcoin. When users exit, hBTC is burned and the underlying BTC returns to the Bitcoin network. Sui says uses could include lending, borrowing, credit, vaults and structured products.
Why it matters
Hashi is designed to let Bitcoin stay on its native network while Sui applications use a corresponding asset as programmable collateral. Deposited Bitcoin stays on Bitcoin while Hashi mints hBTC on Sui. More than 20 launch partners, including BitGo, Bullish, Cumberland, FalconX and Ledger, back the network.
Nathan McCauley, CEO and co-founder of Anchorage Digital, said public companies and institutions hold large amounts of Bitcoin but limited technology and DeFi constraints have restricted their ability to use that capital. Anchorage plans to give institutional clients access through its Atlas settlement infrastructure and Porto self-custody wallet, and to supply stablecoin liquidity to Hashi.
What the data shows
Hashi has more than $500 million in commitments, and its launch coalition includes more than 20 companies. The $500 million figure represents commitments from the launch coalition, not deposits already inside Hashi contracts. No public on-chain record currently shows $500 million sitting inside live Hashi contracts.
Background
Mysten Labs first introduced Hashi in March. It started on devnet. In July, it moved to a global testnet where developers, custodians and financial firms could test Bitcoin-backed applications before mainnet. Sui's July update introduced the Guardian Layer as an extra control over collateral leaving the system.
Hashi relies on MPC, Sui smart contracts and a guardian layer to manage movements of Bitcoin collateral. Third parties will independently create and offer the financial products, while Mysten Labs built the underlying infrastructure.
What is still unclear
- It is not clear when in October the phased mainnet rollout will finish or when the commitments will become live deposits. Sui has not said $500 million is already deposited into Hashi.
Questions readers ask
What is Hashi?
Hashi is a Bitcoin finance network developed by Mysten Labs for Sui. It lets Bitcoin holders use native BTC as collateral for products such as lending, borrowing, credit, vaults and structured financial products built on Sui.
How does Hashi handle Bitcoin?
Hashi creates hBTC on Sui when Bitcoin is deposited, while the Bitcoin stays on its native network. On exit, that hBTC is burned and the original BTC goes back to a Bitcoin address.
Is the $500 million already deposited?
No. The $500 million is committed capital from the launch coalition, not money already deposited into Hashi. No public on-chain record currently shows that amount in live Hashi contracts.
