Hashi Mainnet to Launch With $500M in Capital Backing, Adds Anchorage Digital to Coalition

Main Takeaways

• Hashi mainnet goes live in a phased rollout beginning this month, bringing Sui's native Bitcoin finance infrastructure to the global stage.
• More than $500 million in capital has already been committed to Hashi, giving the network significant liquidity as Bitcoin-backed markets come online this year.
• Anchorage Digital is joining the Hashi ecosystem, opening new institutional routes into Bitcoin finance through tri-party settlement in Qualified Custody and direct self-custody,  alongside providing stablecoin liquidity.

Bitcoin has spent over 15 years becoming one of the world’s largest pools of capital. Hashi is finally ready to put that capital to work.

Today at Sui Basecamp 2026, Sui revealed that Hashi mainnet will go live later this month, backed by more than $500 million in capital commitments from across its launch coalition of more than 20 of crypto’s biggest heavyweights. Anchorage Digital, home to America's first federally chartered crypto bank, becomes the newest day-one launch partner, giving its institutional clients seamless access to Hashi and bringing additional stablecoin liquidity to the network.

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$500 Million in Capital Commitments Locked for Mainnet

Hashi enters mainnet with more than $500 million in committed capital from across its launch coalition. That liquidity gives Bitcoin-backed markets on Sui a running start, as lending, borrowing, credit, vaults, structured products, and other applications can begin with meaningful capital already behind them in vaults run by various Hashi vault providers such as Aftermath, Concrete, Fluid, and others.

Hashi was built around a simple opportunity: more than $1 trillion in Bitcoin remains largely idle because institutions and publicly traded companies with Bitcoin on their balance sheets have lacked a way to use native BTC in programmable financial markets with the transparency, compliance, controls, and security they require. 

Mainnet changes that. Bitcoin remains on the Bitcoin network, while Hashi coordinates its use as collateral through Sui smart contracts. When BTC enters Hashi, hBTC is minted on Sui against that deposited Bitcoin and can be used across applications. When users exit, hBTC is burned, and native BTC is released back to the Bitcoin network. 

“Bitcoin has already become a global reserve asset, and today, the financial infrastructure around it is catching up,” said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “Hashi is launching with serious capital and a coalition of industry leaders because institutions want to put Bitcoin to work without giving up the protections they require.”

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Hashi’s Tax Position & Infrastructure 

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Additionally, participation in Hashi can bring more institutions off the fence, as, according to Fenwick, Hashi's deposit and redemption mechanics should not constitute taxable events under U.S. tax law.

Designed as an infrastructure primitive rather than a product, Hashi’s underlying framework was developed by Mysten Labs, the original contributor to Sui, with all financial products independently created and offered by third parties.

Hashi mainnet is where that buildout meets live capital. Through a sequenced mainnet rollout, native BTC can be deposited, hBTC minted, and Bitcoin collateral put to work under real conditions at a scale that expands over time. Access will open progressively as Hashi's launch partners complete their integrations and enable Bitcoin finance for their own clients, from institutional custody desks to retail wallets.

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Anchorage Digital Brings a New Institutional On-Ramp

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Anchorage Digital will open Hashi to its clients through two distinct routes.

Tri-party collateral solutions will give institutions operating under strict qualified custody, compliance, and operational requirements a path into Hashi through Atlas, Anchorage Digital’s settlement and tri-party collateral infrastructure. That includes publicly traded companies holding Bitcoin on their balance sheets and digital asset treasury companies that may be unable to access DeFi directly today.
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For those companies, productive Bitcoin can change the economics of the balance sheet. BTC can become collateral for liquidity and financing without first being sold, opening new ways to manage cost of capital.
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Self-service via Anchorage Digital’s institutional self-custody wallet, Porto, will provide a second route. Institutions can access Hashi directly through self-custody and pursue a broader range of strategies across lending, diversified yield, and real-world asset exposure suited for crypto-native VCs, hedge funds, miners, market makers, and LPs who require speed and capital efficiency. Anchorage Digital also plans to provide stablecoin liquidity to Hashi.
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“Public companies and institutions hold enormous amounts of Bitcoin, but their ability to use that capital has been constrained by the technology available to them and the limitations of the DeFi space,” said Nathan McCauley, CEO and Co-Founder of Anchorage Digital. “Connecting our institutional clients with Hashi represents a complete paradigm shift and maturation of Bitcoin finance, and we’re thrilled to be at the center of it.”

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What Hashi Makes Possible

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Hashi turns native Bitcoin into programmable collateral for a growing range of financial applications:

• Borrowing: Access stablecoin liquidity against BTC without selling the underlying Bitcoin.
• Lending: Supply BTC or stablecoin capital to onchain credit markets.
• Credit origination: Create transparent Bitcoin-backed loans with programmable collateral terms.
• Vaults: Deploy BTC across automated strategies built around defined risk parameters.
• Structured products: Build new Bitcoin-backed financial products directly onchain.
• Real-world assets: Use Bitcoin collateral to access strategies tied to assets and yield outside crypto.
• Bitcoin-backed bonds: Support fixed-income products collateralized by Bitcoin.
• Institutional treasury management: Turn long-term BTC holdings into productive working capital.

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That opportunity has attracted one of the broadest coalitions assembled around Bitcoin finance.

BitGo, Bullish, Cumberland, FalconX, Ledger and other leading custodians, liquidity providers, wallets, infrastructure companies, and DeFi protocols are building around Hashi. More than 20 partners have joined the ecosystem since Hashi was first unveiled.

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Security Built for Bitcoin-Sized Markets

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The $500 million and counting of capital commitments to Hashi raises the stakes for security. Hashi uses MPC security, Sui smart contracts, and its Guardian Layer to create defense in depth around Bitcoin collateral. BTC collateral is secured through a 2-of-2 multisig structure requiring authorization from Hashi validators and the guardian.

The Guardian Layer provides an additional check before BTC leaves the system and can slow or stop suspicious collateral movement.

Additionally, Hashi’s smart contracts have undergone formal verification from Certora and CommonPrefix performed a cryptographic security review of its MPC protocol.

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Bitcoin Finance Goes Live

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Hashi has moved from concept to devnet, testnet, more than 20 launch partners, and now more than $500 million in committed capital.
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At the end of this month, the rehearsal ends, and Bitcoin becomes productive collateral on Sui. To learn more, visit https://www.sui.io/hashi. For institutions looking to deploy BTC or stablecoins, please email [email protected]. 

FAQs

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What is Hashi?

• Hashi is Sui’s native Bitcoin finance infrastructure. It allows BTC to serve as programmable collateral for lending, borrowing, credit, vaults, structured products, and other financial applications while the underlying Bitcoin remains secured on the Bitcoin network.

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What is hBTC?

• hBTC is the Sui-side asset minted against Bitcoin deposited into Hashi. It lets deposited BTC interact with applications on Sui. When a user withdraws from Hashi, the corresponding hBTC is burned and native BTC is released on Bitcoin.

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Why does the $500 million commitment matter?

• Liquidity determines what financial markets can actually support. More than $500 million in capital commitments gives Hashi the potential to launch with significant liquidity behind its lending, borrowing, credit, and other Bitcoin-backed markets from the start.

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How can institutions access Hashi?

• Hashi is being integrated across a broad network of custodians, wallets, liquidity providers, and financial applications. Anchorage Digital adds two new routes for institutions: tri-party settlement requiring regulated settlement and collateral infrastructure, and a self-custody wallet for institutions seeking self-service. Hashi’s broader coalition includes BitGo, Bullish, Cumberland, FalconX, Ledger, and others.

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