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Sui’s Hashi Bitcoin Lending Project Prepares For Mainnet With $500 Million Pledged
TL;DR: Sui’s Hashi project is preparing for a phased October mainnet rollout with more than $500 million in partner capital commitments. Anchorage Digital is joining as a launch partner, but pledged funding is not the same as value already deployed on-chain.
The next battleground for Bitcoin lending is not necessarily a Bitcoin-native blockchain. Sui is preparing to launch Hashi, an infrastructure system designed to let institutions use BTC as collateral in on-chain financial products.
The Sui Foundation said on October 8 that Hashi had attracted more than $500 million in capital commitments from a coalition of over 20 partners. Anchorage Digital is joining the project to offer institutional access through custody-based arrangements and a self-custody option.
Hashi is designed around a collateral representation called hBTC. Under the project description, Bitcoin is secured through its custody and protocol arrangements while hBTC is minted on Sui, allowing the economic value of those deposits to interact with lending and other applications. When positions are closed and redeemed, the corresponding representation is burned.
It is an ambitious design, but several terms deserve careful handling. The $500 million figure describes committed capital from partners, not $500 million confirmed as already borrowed or deposited in a live product. And describing any cross-network Bitcoin arrangement as simply risk-free or fully trustless would overlook custody, cryptographic and operational assumptions.
Anchorage’s participation gives Hashi a recognizable institutional access point, especially for firms unwilling to rely on the same wallets and processes used by retail DeFi traders.
The project is expected to start its phased mainnet rollout later in October. That will be the meaningful test: whether launch partners move from announcements and pledges into sustained, visible borrowing and liquidity activity.
