Timeline
- 7.5
New tech to power bitcoin lending is set to debut with $500 million in commitments
Layer-1 blockchain Sui is launching Hashi, an institutional protocol that lets holders use bitcoin as collateral for lending without moving it off the Bitcoin network, with the mainnet slated to roll out in phases later this month. The initiative debuts with $500 million in capital commitments from a coalition of more than 20 industry partners. Anchorage Digital CEO Nathan McCauley, whose firm is a day-one launch partner, said connecting institutional clients with Hashi represents "a complete paradigm shift," while Mysten Labs co-founder Adeniyi Abiodun said institutions want to put bitcoin to work without giving up the protections they require. The $500 million consists of capital commitments rather than immediate deposits, and the pre-pledged funds are intended to let markets open with liquidity on day one. Under the design, BTC is locked in a vault address on the Bitcoin blockchain secured by a 2-of-2 multisig with a separate guardian layer, while a voucher token called hBTC is minted on Sui; Certora formally verified the smart contracts and CommonPrefix reviewed the cryptography of its multi-party computation protocol.
- 7.5
Sui-Native Bitcoin Financial Infrastructure Hashi to Launch Mainnet This Month, Has Secured Over $500 Million in Capital Commitments
The Sui Foundation announced that Hashi, its native Bitcoin financial infrastructure, will begin a phased mainnet launch this month, backed by more than $500 million in capital commitments and a launch coalition of over 20 crypto industry institutions. Anchorage Digital is joining as a first-batch partner, providing institutional access through its Atlas settlement and triparty collateral infrastructure and its Porto self-custody wallet, and plans to supply stablecoin liquidity to Hashi. Hashi is designed to let BTC remain on the Bitcoin network while being used as programmable collateral on Sui, a structure aimed at institutions that hold large Bitcoin balances. Anchorage Digital CEO and co-founder Nathan McCauley said public companies and institutions hold enormous amounts of Bitcoin but their ability to use that capital has been constrained by available technology and the limitations of DeFi. Users deposit BTC, Hashi mints corresponding hBTC on Sui, and on exit the hBTC is burned and the native BTC is released back to the Bitcoin network. Security is built on MPC, Sui smart contracts and a Guardian Layer, with BTC collateral using a 2/2 multisig authorized jointly by Hashi validators and Guardians; the smart contracts have undergone Certora formal verification and CommonPrefix completed a cryptographic security review of the MPC protocol.