Cumberland, Fluid, SwissBorg Pile Into Sui's Hashi Before Bitcoin's $1.2T Gets a Job 🪙

Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem on Sui, weeks before the platform's global testnet launches in July, Sui announced on June 23rd, 2026. Hashi is Sui's native Bitcoin finance primitive, designed to transition more of Bitcoin's $1.2T market cap into verifiable, productive onchain products by unlocking immobile BTC into DeFi. The initiative addresses capital inefficiency in crypto by replacing the opaque, centralized balance-sheet trust that defined prior market cycles, when intermediaries such as Celsius, Voyager, and Genesis generated utility from dormant assets at systemic cost. Under Hashi's design, Bitcoin remains on the native Bitcoin blockchain while Sui smart contracts handle the cryptographic and programmatic rights that allow it to function as financial collateral, enforcing a strict separation for safety by design.

"Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn't seen before," said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. "We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui." Positioned as a foundational primitive, Hashi is intended to set a new standard for builders creating bespoke, Bitcoin-backed financial products with risk parameters and loan terms that are fully verifiable onchain.

The three new participants bring additional institutional firepower to a coalition already composed of infrastructure providers, custodians, and DeFi protocols building a native Bitcoin financial ecosystem on Sui. "Bitcoin is the world's most liquid digital asset, but without native utility, it remains an off-chain asset," said Paul Kremsky, Global Head of Business Development at Cumberland. "Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves." Cyrus Fazel, Founder & CEO at SwissBorg, added that the company's community has consistently sought native ways to lend and borrow against their Bitcoin.

With the global testnet slated for July, institutions, custodians, wallet providers, and developers will be able to begin freely testing infrastructure intended to support Bitcoin-backed lending, borrowing, and credit origination on Sui within a matter of weeks.