Sui's bitcoin collateral network Hashi to launch mainnet this month with $500M committed

Hashi, an infrastructure layer that lets bitcoin be used as collateral on the Sui (SUI) blockchain, will launch its mainnet later this month, the Sui Foundation said on Oct. 8. In a post on its official blog announcing the timeline unveiled at its Sui Basecamp 2026 event, the foundation said launch partners had committed more than $500 million in capital. Anchorage Digital, home to America's first federally chartered crypto bank, joined as a new day-one launch partner.

The foundation said the mainnet will not open to everyone at once but will roll out in phases. Access will open progressively, from institutional custody desks to retail wallets, as launch partners complete their integrations. Bitcoin deposited as collateral is held in a 2-of-2 multisig structure that requires authorization from both Hashi validators and a separate safeguard called the guardian.

BTC stays put; on Sui it becomes hBTC

Under Hashi, bitcoin never leaves the Bitcoin network. Sui smart contracts, code that executes automatically when set conditions are met, coordinate its use as collateral. When a user deposits bitcoin, hBTC is minted on Sui against it; when the user exits, the hBTC is burned and the native bitcoin is released back to the Bitcoin network.

The use cases the foundation listed include borrowing stablecoins against bitcoin without selling it, lending bitcoin or stablecoins, automated strategies known as vaults, structured products and bitcoin-backed bonds. Vaults are run by providers including Aftermath, Concrete and Fluid. The foundation said more than $1 trillion worth of bitcoin remains largely idle, and that publicly traded companies and institutions holding bitcoin on their balance sheets have lacked a way to put it to work while meeting compliance and control requirements. Hashi itself is a framework developed by Mysten Labs, while financial products built on top of it are created and offered independently by third parties. The foundation also said law firm Fenwick concluded that Hashi's deposit and redemption mechanics should not constitute taxable events under U.S. tax law.

Two routes in through Anchorage

Anchorage Digital will give its clients two ways into Hashi. The first runs through Atlas, its settlement and tri-party collateral infrastructure, and targets public companies and digital asset treasury companies whose strict qualified custody requirements make it hard to access decentralized finance (DeFi) directly. The second is Porto, its institutional self-custody wallet, which lets venture capital firms, hedge funds, miners, market makers and others access Hashi directly. Anchorage also plans to provide stablecoin liquidity to Hashi.

"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."

Nathan McCauley, CEO of Anchorage Digital

Besides Anchorage, custodians, liquidity providers and wallet companies including BitGo, Bullish, Cumberland, FalconX and Ledger are building around Hashi.

From a March unveiling to mainnet

Hashi was first unveiled on March 19. At the time, Sui said BitGo, Bullish, Erebor Bank, FalconX, Ledger and Fordefi, among others, had committed to participate, and that lending would be the primary use case at launch. On June 23, market maker Cumberland, DeFi protocol Fluid and SwissBorg joined. When the testnet opened on July 22, Sui also introduced the Guardian Layer, a safeguard that can slow or stop suspicious collateral movements. In the latest announcement, the foundation said Hashi's smart contracts underwent formal verification by Certora, and that CommonPrefix performed a cryptographic security review of its multi-party computation (MPC) protocol.

SUI is listed on the Korean won markets of both Upbit and Bithumb. Around 10:30 p.m. KST on Oct. 8, it traded at 1,504 won on Upbit, down 2.1% over 24 hours, and at 1,503 won on Bithumb. At the same time, it was at $1.10 on Binance, down 1.8% on the day. Converted to won, the Binance price was about 1,473 won, putting the kimchi premium (the gap between prices on Korean exchanges and global markets) at about 2.1%. SUI's 24-hour trading value on Upbit was about 20.3 billion won.