Sui’s Hashi prepares Bitcoin lending launch with $500 Million in Commitments

Sui’s Hashi is preparing for a phased mainnet rollout in October, with more than $500 million in capital commitments from its launch partners. The project aims to let Bitcoin holders use BTC as collateral for lending, borrowing and other financial products without moving the underlying Bitcoin off its native network.

The Sui Foundation announced the mainnet plans on October 8, alongside the addition of Anchorage Digital to Hashi’s launch coalition. More than 20 companies are involved in the project, which was developed by Mysten Labs, the original contributor to Sui.

Hashi brings Bitcoin-backed lending to Sui

Hashi is designed as infrastructure for Bitcoin-based finance rather than a single lending application. It allows native BTC to be deposited and represented on Sui as hBTC, enabling the value of Bitcoin holdings to be used in onchain financial applications.

Users can use their Bitcoin as collateral to borrow stablecoins or access other financial products. When users exit the system, the corresponding hBTC is burned and the underlying BTC is released back to the Bitcoin network.

The approach is intended to make Bitcoin more useful in decentralized finance without relying on a conventional centralized lender to hold and manage the underlying assets. Hashi uses smart contracts and a dedicated security framework to manage collateral and asset movements.

The mainnet rollout will be phased, with access expanding as launch partners complete integrations and make the infrastructure available to their clients.

More than $500 million committed ahead of launch

Hashi enters its mainnet rollout with more than $500 million in committed capital. The commitments are intended to give Bitcoin-backed lending and borrowing markets liquidity as they begin operating.

The launch coalition includes institutional firms such as BitGo, Bullish, Cumberland, FalconX and Ledger, alongside Sui ecosystem participants. Vault providers including Aftermath, Concrete and Fluid are expected to help deploy capital through Hashi-based financial products.

The $500 million figure represents committed capital, not necessarily funds already deposited or deployed. Actual lending activity will depend on how the launch develops, how partners integrate the infrastructure and how borrowers and lenders participate.

Hashi’s initial focus is lending and borrowing, but the underlying infrastructure can also support credit products, vaults and structured financial products built by third parties.

Anchorage Digital adds institutional access

Anchorage Digital has joined Hashi as a launch partner, adding another route for institutional participation.

The company plans to support access through its Atlas settlement and tri-party collateral infrastructure, as well as through direct self-custody options for institutions. Anchorage will also provide stablecoin liquidity to the network.

This matters for institutions that need defined custody arrangements and operational controls before using digital assets in financial markets. Anchorage’s participation gives eligible clients additional ways to access Bitcoin-backed financial applications without relying solely on retail-facing wallets.

The partnership also adds to a broader shift toward Bitcoin-backed credit. In a separate development, Ledger has introduced Bitcoin-backed loans inside Ledger Wallet, allowing eligible users to pledge wrapped Bitcoin and borrow stablecoins. Hashi takes a different route by building shared infrastructure for Bitcoin-backed financial products across the Sui ecosystem.

Security remains central to Bitcoin finance

Bitcoin-backed lending can make long-term holdings more useful, but it also introduces collateral, smart contract and operational risks. Hashi’s design aims to address some of these concerns through smart contract-enforced processes and a dedicated Guardian Layer.

The Guardian Layer, introduced during Hashi’s testnet phase, is designed as an additional risk-management safeguard for Bitcoin collateral. It provides a secondary check intended to help protect assets if the system faces validator collusion or other serious security failures.

However, security features do not eliminate all risks. Users and institutions will still need to assess the financial products built on Hashi, including their collateral requirements, liquidation conditions and the risks associated with the applications managing their funds.

October rollout puts Bitcoin liquidity to the test

Hashi’s planned mainnet rollout marks a transition from development and testing toward live Bitcoin-backed financial markets. The project’s capital commitments and institutional partnerships provide a starting point, but they do not guarantee demand or sustained lending activity.

The next stage will depend on how quickly partners complete integrations, how much capital becomes active on the network and whether lenders and borrowers use the available products. If adoption follows, Hashi could give Bitcoin holders another way to access onchain credit while keeping their underlying BTC on the Bitcoin network.