Sui launches Hashi for bitcoin-collateralized lending

Sui is launching Hashi, an institutional lending network that lets holders use bitcoin as collateral without moving it off the Bitcoin ledger. The protocol debuts with $500 million in capital commitments from a coalition of more than 20 industry partners, including Anchorage Digital, which will also supply stablecoin liquidity.

• Users lock BTC in a 2-of-2 multisig vault on Bitcoin; Hashi mints hBTC vouchers on Sui that power lending, borrowing and real-world asset markets, with vouchers burned on exit to release the BTC.
• A separate guardian layer monitors and can slow suspicious collateral movements; Certora verified the smart contracts and CommonPrefix reviewed the MPC cryptography.
• Mainnet rolls out in phases later this month, targeting the roughly $1 trillion in dormant institutional bitcoin Sui estimates is sitting idle.