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

Sui says Hashi, its Bitcoin finance network, will begin a phased mainnet rollout this month with more than $500 million in capital commitments from its launch partners. The commitments could give Bitcoin-backed lending and other markets capital as they open, according to the Sui Foundation’s announcement on October 8.

Cointelegraph’s report also says the rollout is planned for October and the coalition includes more than 20 companies. Sui named BitGo, Bullish, Cumberland, FalconX and Ledger among the partners, and Aftermath, Concrete and Fluid among the providers expected to run Hashi vaults.

How will Hashi use Bitcoin as collateral?

Hashi is designed to let users put Bitcoin to work in financial applications on Sui without selling it. Sui says Bitcoin deposited into Hashi stays on the Bitcoin network. The system issues hBTC, a Sui-based token backed by deposited Bitcoin, for use in applications. When a user exits, hBTC is burned and the Bitcoin is released back to the Bitcoin network.

Sui lists lending, borrowing, credit, vaults and structured products as possible uses. The company says third parties will create and offer those financial products independently.

What will Anchorage Digital bring to the launch?

Anchorage Digital has joined as a day-one launch partner. Sui says institutions will be able to access Hashi through Atlas, Anchorage’s settlement and tri-party collateral infrastructure, or through Porto, its institutional self-custody wallet. Anchorage also plans to provide stablecoin liquidity to Hashi.

Tri-party settlement lets institutions use a separate settlement service to manage collateral. Self-custody means an institution holds its own wallet keys. Sui says those routes are intended to serve institutions with different custody and operational needs.

What does the $500 million commitment mean?

Sui describes the figure as committed capital from the launch coalition. It says capital may support Hashi vaults and Bitcoin-backed markets as the rollout progresses. The announcement does not say how much has been deposited or is already available to borrowers.

Sui says access will open in stages as partners complete their integrations. The amount of Bitcoin deposited and the products available to users will become clearer as the mainnet rollout proceeds.

Sources and documents

• Sui Foundation’s announcement — sui.io
• Cointelegraph’s report — cointelegraph.com