Sui’s Hashi has secured more than $500 million in capital commitments ahead of a phased mainnet rollout later in October, with Anchorage Digital joining more than 20 launch partners.
Summary
- Hashi will launch this month with more than $500 million in committed capital from partners.
- Anchorage Digital will offer institutions Hashi access through Atlas settlement infrastructure and its Porto wallet.
- Deposited Bitcoin stays on Bitcoin while Hashi mints hBTC on Sui for financial applications there.
- More than 20 launch partners include BitGo, Bullish, Cumberland, FalconX, Ledger and other firms globally.
- Hashi uses MPC, Sui smart contracts and a guardian layer to control Bitcoin collateral movements.
Sui Foundation said on Oct. 8 that Hashi will let Bitcoin holders use native BTC as collateral for lending, borrowing, credit, vaults and structured financial products built on Sui. Anchorage Digital will provide institutional access through its Atlas settlement infrastructure and Porto self-custody wallet while planning to supply stablecoin liquidity to the network.
The $500 million figure represents commitments from the launch coalition. Sui has not said $500 million is already deposited into Hashi, and the mainnet rollout has not yet reached the stage where that figure could be treated as live on-chain total value locked.
Hashi turns deposited Bitcoin into hBTC on Sui
Hashi is designed to let Bitcoin remain on its native network while Sui applications use a corresponding asset as programmable collateral. When BTC enters the system, Hashi mints hBTC on Sui against the deposited Bitcoin. When a holder exits, the hBTC is burned and the underlying BTC is released back to a Bitcoin address.
The structure gives third-party developers a way to build Bitcoin-backed products without requiring the original BTC to move onto Sui as a conventional wrapped token. Sui says applications can include stablecoin borrowing, lending markets, credit origination, automated vault strategies, real-world asset products and Bitcoin-backed bonds. The individual financial products will be created and offered by third parties, while Mysten Labs developed Hashi’s underlying infrastructure.
Mysten Labs first introduced Hashi in March. The project began on devnet before moving to a global testnet in July, 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’s development comes as other Sui protocols build products for professional capital. In related coverage, crypto.news reported on NAVI Prime’s institutional lending framework on Sui, which gives funds another route into lending and borrowing markets on the network.
$500 million is committed capital, not live Hashi deposits
Sui says more than $500 million has been committed by companies in Hashi’s launch coalition. The group now contains more than 20 firms spanning custody, trading, wallets, liquidity services and decentralized finance. Named participants include BitGo, Bullish, Cumberland, FalconX and Ledger, while Aftermath, Concrete and Fluid are among the companies expected to operate vaults.
The distinction between commitments and deposits is important because Hashi has not completed its mainnet rollout. No public on-chain record currently shows $500 million sitting inside live Hashi contracts. Sui describes the capital as backing expected to support Bitcoin markets as participating firms finish integrations and begin deploying BTC or stablecoins.
Earlier Hashi announcements identified additional participants including Erebor Bank, Fordefi, Blockdaemon, CF Benchmarks, Inveniam Capital and several Sui lending protocols. Cumberland, Fluid and SwissBorg joined the coalition in June before the testnet opened.
Sui says the rollout will be sequenced, meaning all partners will not necessarily become active at the same moment. Access will expand as custodians, wallets and application providers complete their integrations.
Anchorage gives institutions two routes into Hashi
Anchorage Digital is joining as a day-one launch partner with two planned access models. One uses Atlas, its institutional settlement and tri-party collateral platform, for companies that want Bitcoin to remain within qualified-custody arrangements while participating in financing activity.
The second route uses Porto, Anchorage Digital’s institutional self-custody wallet. Sui says this option is intended for firms including hedge funds, crypto venture funds, miners, liquidity providers and market makers that want direct access to Hashi applications while controlling their own assets.
Anchorage Digital CEO Nathan McCauley said public companies and institutions hold large amounts of Bitcoin but face limits when trying to use it in decentralized finance. He described connecting Anchorage clients to Hashi as a “complete paradigm shift” for Bitcoin finance. The statement represents Anchorage’s view of the planned service and does not establish how much institutional capital will ultimately enter Hashi.
Atlas is already being used outside Sui for institutional collateral arrangements. As crypto.news previously reported on Binance and Anchorage’s off-exchange settlement partnership, Atlas lets eligible traders keep collateral with Anchorage while accessing trading liquidity elsewhere. The Hashi integration applies the infrastructure to Bitcoin-backed finance on Sui.
A separate U.S. tax question has accompanied Hashi’s development. Attorneys at Fenwick wrote in April that locking BTC through Hashi and receiving hBTC “should not constitute a taxable event” under the U.S. federal income tax principles they analyzed, because hBTC is intended to represent ownership of the underlying Bitcoin instead of a sale or exchange for a separate asset.
The Fenwick analysis is a legal opinion, not an Internal Revenue Service ruling. Tax treatment can depend on transaction structure, facts and individual circumstances, so the opinion does not guarantee that every Hashi transaction will receive the same treatment.
Hashi adds extra controls around Bitcoin collateral
Hashi uses multi-party computation, or MPC, alongside Sui smart contracts to control Bitcoin movements. Sui says deposited BTC is held through a 2-of-2 structure requiring authorization from the Hashi validator system and a separate guardian before collateral can leave.
The Guardian Layer acts as an independent check that can slow or stop suspicious movements. During the July testnet launch, Sui described the system as an added safeguard for large transfers and collateral operations.
Mysten Labs’ technical documentation says Hashi validators jointly operate a threshold Schnorr signer through MPC. The initial design is expected to remain secure while less than roughly 33% to 50% of staking power colludes, depending on the final protocol parameters. A second signer running through a cloud enclave independently enforces policies intended to reduce collusion and infrastructure risks.
Sui says Certora has formally verified Hashi’s smart contracts, while CommonPrefix conducted a cryptographic review of its MPC protocol. Earlier development plans had named Asymptotic, Certora and OtterSec among security firms working on the system.
Hashi’s own design documents state that its Move packages are normal Sui packages and are not part of the Sui system framework. Each participating committee member runs separate Hashi node software, while protocol-critical state is designed to remain on Sui.
Hashi mainnet will open in stages later this month
Sui says the mainnet rollout will begin before the end of October, with access increasing as launch partners complete integrations. The first phase is expected to support native BTC deposits, hBTC minting and the use of Bitcoin collateral inside live Sui applications.
No single public launch date has been announced beyond the October timetable. Sui says the rollout will expand over time instead of opening every integration simultaneously.
Hashi arrives after Sui spent much of 2026 adding financial infrastructure around lending, stablecoins and Bitcoin. The network already supports other forms of Bitcoin exposure, and crypto.news previously reported on tBTC going live on Sui in 2025. Hashi differs by being designed as Mysten Labs’ native Bitcoin collateral infrastructure for financial applications built on Sui.
When the phased mainnet begins, the first measurable figures will include how much of the announced $500 million commitment actually enters Hashi, how much native Bitcoin is deposited, how much hBTC is minted and which third-party lending or vault products open to users.
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