Stacks Reports 1.6 Million Cumulative Users as Bitcoin Staking Reaches Public Testnet; Sui Launches Hashi Testnet

Jul 23, 2026

Stacks’ Q2 2026 Ecosystem Report stated that cumulative users surpassed 1.6 million, an 8.0% quarter-over-quarter increase, while new wallet creation rose nearly 53% to 110,000. Stacks also reported that PoX-5 had been deployed to private and public testnets and was undergoing an audit ahead of a planned Bitcoin Staking mainnet launch in Q3. Separately, the Sui Foundation launched the Hashi testnet on July 22, enabling BTC locked on the Bitcoin network to be represented by hBTC for use in Sui-based DeFi applications. More than 25 institutional partners are testing lending, custody, and credit integrations on the testnet.

Bitcoin DeFi testnet launches

▪On July 22, 2026, the Sui Foundation launched the Hashi testnet, allowing Bitcoin to serve as programmable collateral without leaving the Bitcoin network.
▪Stacks built and deployed PoX-5, the on-chain mechanism powering Bitcoin Staking, to private and public testnets in Q2 2026.

Bitcoin DeFi security architecture

▪Hashi distributes key material across the Sui validator committee using multi-party computation, ensuring no individual validator holds the complete signing key.
▪Hashi secures Bitcoin collateral via a 2-of-2 multisig address requiring signatures from both the validator committee and the Guardian Layer's enclave.
▪Hashi uses threshold cryptography to enable Sui-based applications to use hBTC representing Bitcoin locked in a 2-of-2 multisignature address, while the underlying BTC remains on the Bitcoin network.

Guardian Layer withdrawal controls

▪The Guardian Layer provides defense-in-depth, requiring independent compromise even if the multi-party computation validator committee threshold is exceeded.
▪The Guardian Layer enforces configurable limits by monitoring large withdrawals and can slow or block them before Bitcoin leaves the system.
▪The Hashi Guardian Layer is a withdrawal co-signer implemented as a cloud hardware enclave separate from the multi-party computation validator committee.

Tax treatment analysis

▪The Fenwick tax analysis is based on hBTC being a receipt token confirming ownership of underlying Bitcoin rather than a distinct asset.
▪Attorneys at Fenwick analyzed Hashi and concluded that locking Bitcoin and receiving hBTC should not constitute a taxable event under U.S. federal income tax law.

Institutional partner ecosystem and growth metrics

▪More than 25 institutional partners, including BitGo, Cumberland, Erebor, and Wave Digital Assets, are testing lending and credit applications on the Hashi testnet.
▪Zest Protocol's ZEST token launched on May 19, 2026, reaching a $200 million fully diluted valuation within hours of launch.
▪Wave Digital Assets committed to three years of best efforts to prioritize the tokenization of Bitcoin-yield-bearing bond products on Sui using Hashi as the underlying collateral layer.
▪Fireblocks and UTXO Management joined Stacks as institutional partners in Q2 2026 to expand custody and asset-management infrastructure.
▪Stacks reported that new wallet creation rose nearly 53% quarter-over-quarter, from 72,000 in Q1 2026 to 110,000 in Q2 2026.