Sui's Hashi Adds Anchorage Digital as $500M Bitcoin Launch Nears

Sui's Bitcoin finance system, Hashi, is due on mainnet later this month with more than $500 million in capital commitments from over 20 launch partners. Anchorage Digital, the US crypto bank, announced on October 8 that it's one of them, as a Day 1 launch partner.

There's still no exact go-live date. And one detail circulating about the launch, that Fluid runs Hashi's lending layer, hasn't been confirmed by Fluid or Sui.

How Hashi Moves Bitcoin Without Moving It

The design choice worth noticing is that your Bitcoin never leaves Bitcoin. You deposit BTC, and it stays on the Bitcoin network. A token called hBTC is then minted on Sui against that deposit, and apps built by third parties can use it.

When you want out, the process runs backwards. The hBTC is burned and native BTC is released back on Bitcoin.

The deposit is guarded by a 2-of-2 multisig, meaning two separate parties must both sign: the Hashi validators and a guardian. Sui says the system went through formal verification by Certora and a review of its multi-party computation setup by CommonPrefix.

Sui also cites the law firm Fenwick as saying Hashi's deposit and redemption steps should not count as taxable events under US tax law. That's Sui's reading of outside legal advice, not a ruling from a tax authority.

Mysten Labs, the original contributor to Sui, built the underlying framework. Every financial product on top of it comes from third parties.

What Anchorage Clients Get

Anchorage gives its institutional clients two ways in. One is tri-party collateral through Atlas. The other is direct access through Porto, its self-custody option. Sui adds that Anchorage also plans to provide stablecoin liquidity to Hashi.

"Connecting our institutional clients with Hashi represents a complete paradigm shift and maturation of Bitcoin finance, and we're thrilled to be at the center of it," said Anchorage CEO Nathan McCauley.

Anchorage sits alongside names such as BitGo, Bullish, Cumberland, FalconX and Ledger, which already offers Bitcoin-backed loans inside its wallet. The rollout is phased: access opens step by step as each partner finishes its integration, so the date a given client can actually use Hashi depends on that client's provider. No go-live date for Anchorage client access has been published.

Where Fluid Fits, and What Isn't Confirmed

Sui's own announcement names Fluid as one of several Hashi vault providers, alongside Aftermath and Concrete. That's the confirmed part.

The stronger claim, that Fluid provides the lending layer for Bitcoin-backed loans on Hashi, hasn't appeared in any announcement from Fluid or Sui. It may turn out to be accurate, but for now it's a description, not a confirmed role.

It also helps to read the $500 million carefully. It's capital committed to Hashi's launch by the whole coalition. It isn't a count of deposits in Fluid's vaults or any other single protocol, and no figures for value locked or loans taken on Hashi exist yet.

Fluid's IGP-141 Vote Is a Separate Story

Fluid does have a live governance vote this week, but it's about Ethereum, not Sui. Proposal IGP-141 sets $50,000 withdrawal and borrow limits for ETH, USDC, USDT and WBTC on Fluid's new DexV2 and Money Market contracts on Ethereum, ahead of a private beta of DexV2.

The limits start small on purpose. They expand by 20% every 12 hours up to the $50,000 borrow ceiling, a cautious way to let new contracts take real money without exposing much at once.

The same proposal sends the October Foundation grant of about $350,000, paid as 90,000 USDC, 80,000 USDT, 62 ETH and 13 stETH.

IGP-141 was proposed on October 21 and activated on October 22. When checked on October 23, it showed about 500,000 votes for and none against, but it hadn't reached quorum, with roughly a day and 13 hours left. Nothing in the proposal connects it to Hashi or Sui.

The Next Thing to Watch

The signal that matters is Hashi's actual mainnet date, followed by which partners switch on first. Until Fluid or Sui publishes Fluid's exact role, the lending question stays open, and Fluid's own vote will settle the DexV2 beta limits on Ethereum within days.