Sui’s Hashi to launch with $500M in Bitcoin finance commitments

Mysten Labs’ Hashi Bitcoin finance network will begin a phased rollout in October with more than $500 million in capital commitments from its launch partners.

Hashi uses Bitcoin (BTC) as collateral in Sui applications by minting hBTC on Sui against deposited Bitcoin, the Sui Foundation announced Thursday. Applications could include lending, borrowing, credit, vaults and structured products.

When users exit, hBTC is burned and the underlying BTC is returned to the Bitcoin network. 

Sui said the network’s launch coalition includes more than 20 companies, including BitGo, Bullish, Cumberland, FalconX and Ledger. It named Aftermath, Concrete and Fluid among the providers expected to run Hashi vaults.

Anchorage Digital has joined the coalition as a launch partner, offering institutional clients access through its settlement infrastructure and self-custody wallet. The company also plans to provide stablecoin liquidity to Hashi, according to the announcement.

“Public companies and institutions hold enormous amounts of Bitcoin, but their ability to use that capital has been constrained by the technology available to them and the limitations of the DeFi space,” said Nathan McCauley, CEO and co-founder of Anchorage Digital.