Sui's Hashi dangles $500M in BTC bait, lets institutions finally put that Bitcoin to work 🔗

Mysten Labs' Hashi Bitcoin finance network will begin a phased rollout in October carrying more than $500 million in capital commitments from its launch partners, the Sui Foundation announced Thursday. The network uses Bitcoin ($BTC) as collateral inside Sui applications through a wrapped representation called hBTC, which is minted against deposited Bitcoin and burned when the underlying BTC is returned to the Bitcoin network.

Hashi is designed to support a range of financial use cases, including lending, borrowing, credit, vaults and structured products. The Sui Foundation said third parties will independently create and offer products built on the infrastructure, rather than the protocol itself originating applications.

The launch coalition includes more than 20 companies, with BitGo, Bullish, Cumberland, FalconX and Ledger among the named participants. Aftermath, Concrete and Fluid are expected to operate Hashi vaults. Anchorage Digital has also joined the coalition as a launch partner, providing institutional clients access through its settlement infrastructure and self-custody wallet, with plans to supply stablecoin liquidity to the network as well.

"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. Hashi was developed by Mysten Labs, the founding contributor to Sui.

Separately, Sui reported that its tunneling infrastructure hit 40.6 million transactions per second in a live test involving AI agents, a figure unrelated to the Hashi announcement.