Sui's Hashi Opens for Business With $500M Committed and Bitcoin Staying Put

Market Intel · Just now · Not financial advice

Sui's Bitcoin lending layer is about to go live, and it is not showing up empty-handed. More than $500 million in capital commitments is already lined up from a coalition of over 20 partners.

What Hashi actually does

Sui is a layer-1 blockchain, and Hashi is its native Bitcoin collateral infrastructure. Instead of pushing BTC through a wrapped-token bridge, deposits stay on the Bitcoin network while Sui smart contracts coordinate how that Bitcoin gets used as collateral. Hashi mints hBTC on Sui against the deposited Bitcoin. When a holder exits, that hBTC is burned and native BTC is released back to the Bitcoin network.

Who is bringing the money

Anchorage Digital joined as a day-one launch partner, opening two routes for institutions: tri-party settlement through its Atlas infrastructure, or direct self-custody through its Porto wallet. The wider coalition includes BitGo, Bullish, Cumberland, FalconX and Ledger, while Aftermath, Concrete and Fluid are expected to run vaults. That money is committed capital, not deposits — no public on-chain record yet shows $500 million sitting inside live Hashi contracts.

Security before size

Collateral is locked behind a 2-of-2 multisig that requires authorization from Hashi validators and a separate guardian before BTC can leave the system. The Guardian Layer acts as an independent check that can slow or stop suspicious movements, while Certora has formally verified the smart contracts and CommonPrefix reviewed the MPC protocol.

Why this matters

Bitcoin-backed credit has a short and messy history, and most of it has leaned on custodians or bridges that users had to trust. Hashi's pitch is aimed at the roughly $1 trillion of BTC that institutions and public companies hold but barely use. Mainnet rolls out in phases this month, starting with native BTC deposits, hBTC minting and Bitcoin collateral inside live Sui applications. The number worth watching is not the $500 million headline — it is how much of it actually lands on-chain.