Sui’s Hashi Bitcoin Network Launch Draws $500M in Commitments

Hashi Bitcoin Network — Sui’s Hashi Bitcoin finance network will launch this month with over $500 million in capital commitments from a coalition of more than 20 partners, aiming to unlock Bitcoin as collateral on the Sui blockchain.

The network, developed by Mysten Labs, allows users to deposit Bitcoin to mint hBTC tokens on Sui, which can then be used within applications for lending, borrowing, credit, vaults, and structured products. When users exit, the hBTC is burned and the underlying Bitcoin is returned to its native network.

Major companies including BitGo, Bullish, Cumberland, FalconX, and Ledger are part of the launch coalition. Custodian Anchorage Digital has joined as a partner, offering institutional clients access via its settlement infrastructure and self-custody wallet, and plans to provide stablecoin liquidity.

“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 Anchorage Digital CEO Nathan McCauley. The foundation stated third-party developers will independently build and offer financial products using the Hashi infrastructure.