Hashi Targets October Mainnet With $500M Committed

Sui says Hashi will move from testnet toward a phased mainnet rollout later this month, with more than $500 million in capital commitments and Anchorage Digital joining its launch coalition, according to Sui’s announcement. The shift is from preparation to planned live markets: Sui says more than 20 partners have joined since Hashi was unveiled, but the committed capital is not a report of funds already deposited or deployed.

Hashi is designed to let Bitcoin serve as collateral in applications on Sui while the underlying BTC remains on the Bitcoin network. Sui says users deposit BTC, receive hBTC on Sui for use across applications, then burn hBTC on exit to release native BTC. That offers a route to lending, borrowing, credit and vault products without selling Bitcoin. For institutions, the trade-off is that using collateral across chains still depends on Hashi’s coordination and security mechanisms, rather than simply holding BTC outside programmable markets.

What does the $500 million commitment mean at launch?

Sui says the launch coalition has committed more than $500 million to support Bitcoin-backed markets, including lending, borrowing, credit, vaults and structured products. The figure indicates intended capital support, not a verified total value locked or a guarantee that the money will be available in every product from day one. The rollout is planned in phases as partners complete integrations.

Among the named coalition members are BitGo, Bullish, Cumberland, FalconX and Ledger. Sui identifies Aftermath, Concrete and Fluid as providers expected to run Hashi vaults. That mix points to an infrastructure effort involving custody, liquidity, wallets and applications, while leaving third parties to create and offer financial products. It differs from a single lending protocol launching its own product: Hashi is presented as a shared framework, with the range and availability of markets dependent on independent providers.

How does Anchorage change institutional access?

Anchorage adds two routes, each with a different balance between custody controls and direct access. Through Atlas, its settlement and tri-party collateral infrastructure, institutions can use BTC held in qualified custody as collateral. The Anchorage announcement describes this path for clients operating under qualified-custody and compliance requirements, including companies that cannot access DeFi directly.

Its second route is Porto, Anchorage’s institutional self-custody wallet, for clients seeking direct access to Hashi and its applications. Anchorage describes that option as suited to crypto-native funds, hedge funds, miners, market makers and liquidity providers that prioritize speed and capital efficiency. The distinction matters: qualified custody through Atlas is designed for institutions with stricter operational requirements, while Porto leaves clients operating directly through self-custody. Anchorage also says it plans to provide stablecoin liquidity, but the announcement does not specify an amount.

What should readers watch as the rollout begins?

The first test is whether the phased launch arrives on the announced October timeline and which integrations become usable first. The $500 million commitment sets an expectation for initial market depth; actual deposits, deployed capital and activity in the named vaults will show how much of that support becomes available in practice. Anchorage’s two routes and planned stablecoin liquidity will also be measurable only as clients begin using them.

Security and withdrawals are another concrete test. Sui says Hashi uses MPC security, smart contracts and a Guardian Layer, with BTC secured through a 2-of-2 multisig structure requiring authorization from Hashi validators and the guardian. The model offers a way to coordinate Bitcoin collateral with Sui applications, but adds operational components users will need to trust. Successful deposits, hBTC use and redemptions back to Bitcoin will show whether the infrastructure can deliver the access it promises while keeping those controls intact.

Sources and documents

• Sui’s announcement — sui.io
• Anchorage announcement — anchorage.com