Sui is preparing to launch Hashi, a Bitcoin-backed lending network, later in October 2026 with more than USD 500 million in capital commitments. The network will let institutions use Bitcoin as collateral without moving their original holdings off the Bitcoin blockchain. More than 20 industry partners have joined the initiative, including Anchorage Digital, which plans to provide institutional access and stablecoin liquidity.
According to Sui's October 8 announcement, the mainnet will launch in phases. The committed capital will support lending, borrowing, credit markets, and other financial applications as participating providers complete their integrations.
The USD 500 million represents capital commitments rather than funds already deposited into lending markets. Still, the commitments establish a funding base for Hashi's planned launch and subsequent expansion.
The coalition includes custodians, liquidity providers, financial infrastructure companies, and blockchain protocols. Participating firms include BitGo, Bullish, Cumberland, FalconX, and Ledger.
Meanwhile, Aftermath, Concrete, and Fluid are among the providers expected to operate Hashi vaults. These services will help direct available capital toward lending and other Bitcoin-backed financial activities.
Sui estimates that more than USD 1 trillion in Bitcoin remains largely idle across institutional and corporate holdings. Many companies hold the cryptocurrency as a long-term asset without using it for borrowing or other financial purposes.
Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, linked the launch to institutional demand for Bitcoin-based financial services.
He said institutions want to use their Bitcoin holdings while maintaining the security and custody protections their operations require.
Hashi uses a system that keeps deposited Bitcoin on its original blockchain while enabling financial transactions through Sui. First, users lock their Bitcoin in a vault address on the Bitcoin network. A two-party signature arrangement controls access to the deposited collateral.
Next, Hashi issues hBTC tokens on Sui against those Bitcoin deposits. Applications can then use these tokens for lending, borrowing, credit markets, and other supported financial services.
The process also provides a withdrawal mechanism. When users exit their positions, the system burns their hBTC tokens and releases the original Bitcoin from its locked address. Hashi includes an independent guardian layer designed to monitor suspicious collateral movements. This additional protection can slow transactions that require further examination.
Security firm Certora formally verified Hashi's smart contracts. Separately, CommonPrefix reviewed the cryptographic system supporting its multi-party computation protocol.
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Anchorage Digital has joined Hashi as a launch partner, bringing custody infrastructure and planned stablecoin liquidity to the network. The company will offer institutional clients two access routes. Its Atlas infrastructure will support collateral arrangements for firms operating under qualified custody requirements.
Meanwhile, its Porto wallet will provide a self-custody route for institutions seeking direct access to Bitcoin-backed financial applications. Anchorage Digital CEO Nathan McCauley said existing technology has limited how institutions can use their Bitcoin holdings in decentralized finance.
The initiative also comes as Bitcoin-backed borrowing expands beyond cryptocurrency trading. Such loans can support corporate working capital, property purchases, and education expenses.
However, the network's rollout remains gradual. Sui expects participating applications and financial services to become available as integrations progress throughout the launch process.
Sui's Hashi network plans to introduce Bitcoin-backed lending in October with more than USD 500 million in commitments from over 20 partners. Its infrastructure will allow institutions to use Bitcoin as collateral while keeping the underlying assets on their native blockchain. Anchorage Digital will support institutional access and stablecoin liquidity.