Sui’s Hashi targets Bitcoin finance with $500 million backing

• Hashi plans a phased mainnet launch backed by more than $500 million in capital commitments.
• Anchorage Digital has joined the coalition supporting the Bitcoin finance infrastructure project.
• Hashi aims to let users use Bitcoin as collateral for lending, borrowing and other financial services on Sui.

Hashi will launch on Sui (SUI) with more than $500 million in committed capital, targeting Bitcoin-backed financial services.

The phased mainnet rollout is scheduled to begin in October, supported by a coalition of more than 20 launch partners.

“Bitcoin has already become a global reserve asset, and today, the financial infrastructure around it is catching up,” according to Mysten Labs co-founder and Chief Product Officer Adeniyi Abiodun.

Hashi aims to let holders borrow against Bitcoin without selling their holdings, opening access to lending, credit and other onchain financial products.

The system mints hBTC on Sui against deposited Bitcoin, then burns hBTC when users withdraw their underlying BTC.

Anchorage Digital joins the launch coalition, offering institutional access through qualified custody settlement infrastructure and self-custody services.

Hashi’s security framework combines multi-party computation, Sui smart contracts and a Guardian Layer designed to help protect Bitcoin collateral.

Following the update, SUI was trading down 8.2% at $1.04.