Skip to the article
Onchain Brief

News from across crypto

Sui’s Hashi to launch with more than $500M committed

Sui says Hashi will start a phased mainnet rollout this month with more than $500 million committed, as Anchorage adds institutional access and liquidity.

The Onchain Brief Editors2 min read
Sui’s Hashi to launch with more than $500M committed

Sui says Hashi, its Bitcoin finance network, will begin a phased mainnet rollout in October with more than $500 million in capital commitments from over 20 launch partners. The Sui Foundation announcement on Oct. 8 also named Anchorage Digital as a launch partner. The commitments could give Hashi’s Bitcoin-backed markets liquidity as they open, but the announcement does not say how much capital will be deposited at launch.

How will Hashi put Bitcoin to use on Sui?

Hashi is designed to let users use Bitcoin as collateral in financial applications without moving the underlying BTC off the Bitcoin network. Sui says its smart contracts will coordinate the collateral. When BTC is deposited, Hashi mints hBTC, a Sui-based token representing that Bitcoin. When users exit, hBTC is burned and the BTC is released back to the Bitcoin network.

The planned uses include lending, borrowing, credit, vaults and structured products. Sui says providers including Aftermath, Concrete and Fluid are expected to run Hashi vaults. The financial products themselves will be created and offered by third parties, rather than by Hashi as a single service.

The $500 million figure is a total of capital commitments from the coalition. Sui says that capital is intended to support markets as they come online, but it has not said how much BTC has been deposited or how much of the committed capital will be available in each product at launch.

What will Anchorage Digital offer institutions?

Anchorage says institutional clients will have two ways to access Hashi. Its Atlas settlement and collateral service will offer a route for clients that need qualified custody. Its Porto wallet will provide direct access through institutional self-custody. Anchorage also plans to provide stablecoin liquidity to Hashi, according to the company’s launch-partner announcement.

The launch coalition includes more than 20 custodians, liquidity providers, wallets, infrastructure firms and protocols, Sui says. It names BitGo, Bullish, Cumberland, FalconX and Ledger among its partners. Sui has not given a specific mainnet launch date beyond saying the rollout will begin later in October, or outlined how quickly access will expand as partners complete integrations.

References