Sui’s Hashi Bitcoin Network To Launch With $500M Commitments
Mysten Labs’ Hashi Bitcoin finance network will begin a phased rollout in October, backed by more than $500 million in capital commitments from launch partners.
Hashi will let Bitcoin holders use BTC as collateral in applications on the Sui blockchain, the Sui Foundation announced. The network will mint hBTC on Sui when users deposit Bitcoin.
Users can use hBTC in applications for lending, borrowing, credit, vaults and structured financial products. When users exit the system, Hashi burns the hBTC and returns the underlying BTC.
The launch coalition includes more than 20 companies, including BitGo, Bullish, Cumberland, FalconX and Ledger, according to the foundation. Aftermath, Concrete and Fluid are expected to operate Hashi vaults that hold and manage deposited assets.
Anchorage Digital has joined the coalition as a launch partner. The digital asset custodian will offer institutional clients access through its settlement infrastructure and self-custody wallet. It 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, Anchorage Digital’s CEO and co-founder, said in the announcement.
Mysten Labs, the founding contributor to Sui, developed Hashi. The Sui Foundation said independent third parties will create and offer financial products using the network’s infrastructure.
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