Sui-Based Hashi Bitcoin Network Prepares October Rollout With $500M Backing
Mysten Labs' Hashi Bitcoin finance network is set for a phased October launch with more than $500 million in commitments from partners. It will let Bitcoin holders deposit BTC and receive hBTC on Sui for use in lending, borrowing, credit, vaults, and structured products. More than 20 firms, including BitGo, Bullish, Cumberland, FalconX, Ledger, and Anchorage Digital, are part of the launch coalition.
Mysten Labs, which helped launch Sui, developed Hashi. The network is set for a staged introduction during October. Its design lets BTC depositors receive hBTC on Sui, then redeem by burning hBTC and recovering the original Bitcoin. Planned uses include lending, borrowing, credit, vaults, and structured products.
More than 20 launch partners back the effort with over $500 million in commitments. The group includes BitGo, Bullish, Cumberland, FalconX, Ledger, and Anchorage Digital. Aftermath, Concrete, and Fluid are expected to run vaults. Anchorage will serve institutions through settlement and self-custody tools and intends to supply stablecoin liquidity.
If adopted, Hashi could give Bitcoin holders, especially institutions, a new way to put idle BTC to work within Sui-based finance. That may deepen links between Bitcoin liquidity and decentralized lending, borrowing, and structured products. Custodians and vault operators could gain roles, while users may face new counterparty, custody, and smart-contract risks. Broader society might see further financialization of Bitcoin, but outcomes depend on adoption, safeguards, and regulation.