Key takeaways Sui's Hashi secures over $500 million in commitments Anchorage Digital adds institutional custody and collateral access Phased mainnet launch targets Bitcoin-backed lending and
Sui is preparing to launch Hashi, a Bitcoin finance platform backed by more than $500 million in capital commitments, with Anchorage Digital joining an institutional coalition seeking to bring Bitcoin-backed lending and borrowing to the blockchain.
The rollout, scheduled to begin in phases during October, could allow institutions to use Bitcoin as collateral without selling their holdings. Hashi has attracted more than 20 partners, including BitGo, FalconX, Cumberland, Bullish and Ledger.
According to the Sui Foundation, the committed capital will support lending, credit markets and structured financial products. However, the $500 million represents pledged capital rather than confirmed liquidity already deployed on mainnet.
How Hashi Could Unlock $500 Million in Bitcoin FinanceHashi was developed by Mysten Labs to connect native Bitcoin collateral with programmable financial applications on Sui.
Users deposit BTC under the protocol's collateral arrangements, receiving an equivalent representation called hBTC on Sui. That asset can then interact with lending protocols, while the underlying Bitcoin remains secured on its original blockchain.
When users redeem their holdings, hBTC is burned and the corresponding BTC is released.
The structure extends Sui's earlier Bitcoin integration efforts, including collaborations with Babylon, Lombard and Cubist.
Other ecosystem projects have already introduced Bitcoin vaults and BTC lending products.
Hashi's distinguishing feature is its attempt to coordinate native Bitcoin collateral across institutional financial services rather than relying exclusively on existing wrapped-token arrangements.
Anchorage Digital Opens Two Institutional RoutesAnchorage Digital will provide institutional clients with two ways to access Hashi, according to its official announcement.
The first uses Atlas, its settlement and tri-party collateral infrastructure, allowing institutions to mobilize Bitcoin held in qualified custody. This could be particularly relevant for companies managing large Bitcoin treasuries.
The second uses Porto, Anchorage's institutional self-custody wallet, enabling direct access to supported lending and collateral strategies.
Anchorage also plans to contribute stablecoin liquidity, which could help support borrowing against BTC collateral.
The partnership reflects growing efforts to connect institutional custody with decentralized finance, although custody arrangements and smart-contract risks remain distinct considerations.
What Hashi Means for SUI and Bitcoin AdoptionHashi enters an increasingly competitive Bitcoin finance market, where protocols are seeking to make BTC useful beyond long-term holding.
Earlier Sui DeFi growth demonstrated demand for lending and trading applications, while new Bitcoin collateral products could expand the network's financial activity.
However, capital commitments do not guarantee actual deposits, borrowing demand or sustainable revenue.
Security will also be critical. Hashi incorporates multiparty computation, a Guardian Layer and a multisignature authorization structure intended to protect collateral movements.
The planned rollout follows Sui's broader expansion into Bitcoin staking and institutional financial applications.
