Sui's Hashi Lines Up $500M to Put Idle Bitcoin to Work in DeFi

Published October 9, 2026, 01:50 UTC. Sui Foundation announcement at Sui Basecamp, Oct. 8, 2026.

The Sui Foundation said on October 8 at Sui Basecamp in Singapore that Hashi, its native Bitcoin finance network, will begin a phased mainnet rollout later this month backed by more than $500 million in capital commitments from a launch coalition of more than 20 companies, Cointelegraph and crypto.news reported.

The $500M pledged before the first deposit

The $500 million figure represents commitments from the launch coalition, not deposits already sitting in the system, crypto.news reported. The coalition includes BitGo, Bullish, Cumberland, FalconX and Ledger, according to Cointelegraph, and the initial capital is intended to seed lending, borrowing, credit, vault and structured-product markets on Sui as providers complete their integrations. The Sui Foundation named Aftermath, Concrete and Fluid among the providers expected to run Hashi vaults.

BTC stays on Bitcoin, hBTC moves on Sui

Hashi keeps native Bitcoin on the Bitcoin network while coordinating its use as collateral through Sui smart contracts, TradingView's CryptoBriefing report said. When BTC enters the system, a matching asset called hBTC is minted on Sui and can be used in lending markets, vaults and other applications; when a position is unwound, the hBTC is burned and the underlying Bitcoin is returned to the Bitcoin network, Cointelegraph reported. The design is meant to avoid the two things Bitcoin purists dislike most, according to the project: traditional wrapping methods and centralized management of the underlying coins.

Anchorage brings the bank charter

Anchorage Digital, which holds America's first federally chartered crypto bank charter, joined the coalition as a headline launch partner, COINOTAG reported. The company will give institutional clients access to Hashi through its Atlas tri-party collateral settlement infrastructure, which operates within qualified custody, and its Porto self-custody wallet, according to crypto.news, and it also plans to supply stablecoin liquidity to the network. "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," said Nathan McCauley, CEO and co-founder of Anchorage Digital, in the announcement reported by Cointelegraph.

A guardian layer watches the flow

Security rests on threshold cryptography, also known as multi-party computation, TradingView's CryptoBriefing report said. Each Sui address gets a 2-of-2 multisig arrangement, meaning two separate keys must sign off before anything moves. A guardian rate-limiter sits on top of that, capping how fast funds can flow so that a bad actor cannot drain the system in a single afternoon.

Hashi is built around the premise that more than $1 trillion in Bitcoin sits largely idle in traditional finance because institutions and public companies holding BTC as a treasury asset have lacked a way to put native Bitcoin to work in programmable markets with the compliance and controls their governance requires, the announcement materials said, as reported by COINOTAG. Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs, the firm that built Hashi and was the founding contributor to Sui, framed the launch as the moment when the infrastructure to deploy Bitcoin as a working asset finally arrives.

This article is news reporting and is not investment advice.

Sources

• Sui Foundation Hashi mainnet announcement (Oct. 8, 2026, at Sui Basecamp), primary source; reported via Chainwire press release and the Sui Network social post
• Cointelegraph, Sui's Hashi Bitcoin Network to Launch With $500M in Capital Commitments (Oct. 8, 2026), secondary source
• crypto.news, Sui's Hashi launches with $500M for Bitcoin finance (Oct. 8, 2026), secondary source
• TradingView / CryptoBriefing, Sui's Hashi Bitcoin collateral network lines up more than $500M ahead of mainnet (Oct. 8, 2026), secondary source
• TradingView / Chainwire, Hashi Mainnet to Launch With $500M in Capital Backing, Adds Anchorage Digital to Coalition (Oct. 8, 2026), secondary source
• COINOTAG, Sui: Hashi Mainnet With $500M Backing Launches This Month (Oct. 8, 2026), secondary source