Sui’s Hashi to launch with $500M in Bitcoin finance commitments

What happened

Mysten Labs’ Hashi Bitcoin finance network will begin a phased rollout in October with more than $500 million in capital commitments from its launch partners. Hashi operates with Bitcoin (BTC) as collateral in Sui applications by minting hBTC on Sui against deposited Bitcoin, the Sui Foundation announced Thursday.

Anchorage Digital has joined the coalition as a launch partner, offering institutional clients access through its settlement infrastructure and self-custody wallet. Hashi has more than $500M in commitments ahead of mainnet launch, while Anchorage offers institutions settlement and self-custody.

Applications could include lending, borrowing, credit, vaults and structured products. When users exit, hBTC is burned and the underlying BTC is returned to the Bitcoin network.

Sui said the network’s launch coalition contains more than 20 companies, including BitGo, Bullish, Cumberland, FalconX and Ledger. It named Aftermath, Concrete and Fluid among the providers expected to run Hashi vaults. The company also plans to provide stablecoin (a digital token meant to hold a fixed value, usually one dollar) liquidity to Hashi, according to the announcement.

Key facts

• Hashi — uses: Bitcoin (BTC) as collateral in Sui applications by minting hBTC on Sui against deposited Bitcoin, the Sui Foundation announced Thursday
• Sui said the network’s launch coalition — includes: more than 20 companies, including BitGo, Bullish, Cumberland, FalconX and Ledger