Layer-1 blockchain Sui and Mysten Labs announced Hashi, a new institutional protocol that enables holders to collateralize Bitcoin without removing it from the Bitcoin network. Debuting in October 2026 with $500 million in pre-pledged capital commitments from over 20 launch partners—including Anchorage Digital, BitGo, and Ledger—Hashi targets an estimated $1 trillion in idle Bitcoin wealth by minting hBTC vouchers on Sui.
Hashi Bitcoin lending protocol launch
- ▪Layer-1 blockchain Sui and developer Mysten Labs announced in October 2026 the phased rollout of Hashi, an institutional protocol enabling Bitcoin to be used as collateral without leaving the Bitcoin network
- ▪Hashi mainnet is scheduled to begin a phased rollout in October 2026, serving as infrastructure for third parties to independently offer Bitcoin financial products
Bitcoin collateral vault mechanism
- ▪Hashi incorporates an independent guardian layer designed to monitor and slow down suspicious collateral movements on the Bitcoin network
- ▪Hashi mints hBTC voucher tokens on the Sui blockchain backed by deposited Bitcoin, which are burned upon user exit to trigger the return of native Bitcoin
- ▪To use Hashi, a Bitcoin lending protocol launched by Sui, users lock Bitcoin directly on the Bitcoin blockchain in a vault address secured by a 2-of-2 multisig requiring sign-off from Hashi validators
Multisig security verification process
- ▪Security firm CommonPrefix reviewed the cryptography of the multi-party computation protocol utilized by Hashi
- ▪Security firm Certora formally verified the smart contracts powering the Hashi protocol prior to its mainnet launch
$500 million capital commitments
- ▪Hashi secured $500 million in pre-pledged capital commitments from a coalition of over 20 industry partners to establish day-one liquidity upon debut
- ▪The $500 million in backing for Hashi consists of pre-pledged capital commitments rather than immediate deposits
Institutional Bitcoin DeFi access
- ▪Sui estimates that roughly $1 trillion worth of Bitcoin remains idle on institutional and corporate balance sheets due to previous DeFi technological constraints
- ▪Institutional Bitcoin holders utilize collateralized loans to fund real-world expenses, including university tuition, real estate acquisitions, and corporate working capital
Launch partner coalition
- ▪The Hashi launch coalition includes over 20 industry companies, including BitGo, Bullish, Cumberland, FalconX, and Ledger
- ▪Anchorage Digital joined Hashi as a launch partner to provide institutional access via settlement infrastructure and self-custody wallets, alongside stablecoin liquidity
Debatable claims
- ▪Institutional Bitcoin holders should deploy balance sheet reserves into decentralized lending protocols
- ▪Minting cross-chain voucher tokens compromises native Bitcoin security
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