Sui’s Hashi sets October mainnet launch with $500M committed

Sui says Hashi will begin a phased mainnet rollout in October with more than $500 million in capital commitments from a coalition of over 20 partners, moving its Bitcoin finance project from testnet toward live markets. The Sui Foundation’s announcement also adds Anchorage Digital as a launch partner. The commitment is a starting pool promised by partners, not a report that the funds or Bitcoin have already been deposited.

That distinction marks the change from Hashi’s earlier stage: Sui’s July update described a live testnet for developers and institutions to build and stress-test applications. Now the project has a mainnet rollout window and a capital commitment, though access will open progressively as partners finish integrations. Sui has not disclosed how much of the committed capital is Bitcoin, stablecoins or other assets, or how much will be available on day one.

How will Hashi put Bitcoin to work on Sui?

Hashi is designed to let deposited Bitcoin back activity in Sui applications without selling the underlying BTC. According to the Cointelegraph report, users deposit BTC and receive hBTC on Sui; when they exit, hBTC is burned and the BTC is returned to the Bitcoin network. Sui says the collateral could support lending, borrowing, credit, vaults and structured products, with third parties building and offering the financial products.

The arrangement aims to make Bitcoin usable as collateral while retaining the underlying asset on Bitcoin. That adds programmability and potential access to liquidity for holders who do not want to sell. It also creates dependencies: users rely on Hashi’s cross-chain process and security controls, as well as the applications and counterparties that put the collateral to work. The announcement does not specify launch interest rates, borrowing terms or expected yields.

What access does Anchorage add?

Anchorage plans two routes for institutional clients. Its Atlas infrastructure offers tri-party settlement and collateral services for institutions operating under qualified-custody and compliance requirements. Its Porto wallet provides a self-custody route for institutions seeking direct access. Anchorage also plans to provide stablecoin liquidity, according to Sui.

The two routes serve different operating preferences: tri-party settlement provides an intermediary structure, while self-custody leaves more direct control with the institution. Neither removes the need to assess Hashi’s technology, counterparties or market risks. Sui says collateral uses a 2-of-2 multisignature structure requiring authorization from Hashi validators and its Guardian Layer, which can slow or stop suspicious movements. It also says Certora formally verified the smart contracts and CommonPrefix reviewed the MPC protocol. Those controls describe the design; the mainnet rollout will put them into live use.

What will show whether the commitments become a market?

The key early measures will be how much of the more than $500 million is actually deployed, how much native BTC is deposited, and which lending or vault products open as integrations progress. Sui names Aftermath, Concrete and Fluid among providers expected to run vaults; its coalition also includes BitGo, Bullish, Cumberland, FalconX and Ledger.

Hashi’s model competes with existing wrapped-Bitcoin routes that let BTC-linked assets move through other chains and DeFi applications. Sui’s March introduction framed Hashi as an alternative to synthetic Bitcoin products, emphasizing its approach to collateral transparency and cross-chain movement. The trade-off is that a new native-BTC system must demonstrate that its own custody, validation and redemption processes work under real usage. The rollout’s pace, capital actually put to work, and performance of BTC withdrawals will show whether the headline commitment translates into usable credit markets.

Sources and documents

• Sui Foundation’s announcement — sui.io
• Cointelegraph report — cointelegraph.com