Hashi
Now on Sui Devnet
Now on Sui Devnet

Native Bitcoin.
Programmable collateral.

Hashi is a decentralized Bitcoin collateralization primitive on Sui. Orchestrate native BTC directly from smart contracts—without centralized balance sheets.

Read the docs
Bitcoin stays native
Secured by the Sui network
Engage via top wallets & custodians
The Problem

Bitcoin has a multi-trillion dollar trust problem.

Centralized collateral models were expensive and introduced unacceptable risk. Opaque credit structures collapsed. Large holders need transparency, verifiability, and code-enforced guarantees.

Centralized lending failures

Opaque credit structures and centralized balance sheets led to cascading failures across the industry.

Opaque signature schemes

Investors had no visibility into how their Bitcoin was held, rehypothecated, or leveraged behind closed doors.

Complex trust assumptions

Trust assumptions were hidden in fine print.

What is Hashi

Decentralized Bitcoin collateralization, enforced in code.

module example::loan;

use example::provider::LoanProvider;
use sui::coin::Coin;
use hashi::btc::BTC;
use
0x44f838219cf67b058f3b37907b655f226153c18e33dfcd0da559a844fea9b1c1::usdsui::USDSUI;

public struct Collateral has key, store {

    id: UID,

    collateral: Coin<BTC>,

    ltv_ratio_bps: u64,

    owner: address,
}



public struct LoanTerms has key, store {

    id: UID,

    ltv_ratio_bps: u16,

    amount_collateralized: u64,

    amount_borrowed: u64,
}

public fun collateralize(

    provider: &mut LoanProvider,

    collateral: Coin<BTC>,

    ltv_ratio_bps: u16,

    ctx: &mut TxContext,
): (Coin<USDSUI>, LoanTerms) {

    let collateral = Collateral {

        id: object::new(ctx),

        collateral,

        ltv_ratio_bps,

        owner: ctx.sender(),

    };



   provider.originate_loan(collateral)
}



public fun payoff(

    provider: &mut LoanProvider,

    loan: LoanTerms,

    payoff: Coin<USDSUI>,

    ctx: &mut TxContext,
): Coin<BTC> {

    assert!(loan.amount_borrowed ==
payoff.value());
    provider.payoff_loan(loan, payoff, ctx)

}

1

BTC stays native

Bitcoin never leaves the Bitcoin network. It becomes programmable as collateral on Sui without being handed over to a centralized entity.

2

Smart contract enforced

BTC is programmable via formally verified smart contracts. No manual intervention, no opaque processes.

3

Minimal trust assumptions

Two trust assumptions: (1) the Sui validator set and (2) the smart contract governing the loan. Nothing else.

Security architecture

MPC + Guardian.
Defense in depth.

Threshold signatures

Funds move only when a one-third of validators produce a valid threshold Schnorr signature. No single point of failure. Improbable collusion.

Guardian backstop

A guardian layer acts as a secondary check before BTC is released, mitigating risks of validator collusion or systemic compromise.

Verified smart contracts

Sui's Move language enforces strict asset ownership. Sui smart contracts govern collateral parameters, LTV ratios, and liquidation logic–all defined in code.

Real-time oracles

Price oracles update valuations in real time. Collateral calls and liquidation execute automatically under venue-defined terms.

Coming soon

Custody-layer Bitcoin insurance

Hashi will support an available layer of protection through custody-layer Bitcoin insurance. If covered custody failures occur, claims are paid in Bitcoin.

Revenue opportunity

What this unlocks

Once collateralized, BTC secures stablecoin liquidity. Returns come from clear interest spreads, not token incentives. Bitcoin remains held, not sold.

Borrow any asset

Including stablecoin liquidity for yield strategies, business expenses, trading, or personal use.

Tax efficiency

Debt-based structure may help avoid triggering taxable events tied to dispositions, subject to jurisdiction.

DeFi rewards

Integrate Sui Dollar to offset financing costs.

Interest spreads

Clear, transparent returns from interest spreads. No token incentive dependency, no hidden yield mechanics.

Why Sui

Built for programmable assets

Hashi depends on predictable, enforceable smart contract logic. Sui's Move language enforces strict asset ownership and allows for formally verified contracts.

1

Strict asset ownership model

2

Formally verifiable smart contracts

3

BTC treated as a programmable object in Move code

4

Automatic, transparent execution

5

No centralized intermediaries

Ecosystem

Open infrastructure.Day-one integrations.

Hashi is built as open infrastructure, supported by an institutional ecosystem committed to making Bitcoin productive on Sui.

Explore integrations

Custodians

Institutional-grade custody workflows for secure BTC management and collateral operations.

Lending venues

Originate and manage BTC-backed credit products with on-chain transparency and automated risk management.

DeFi protocols

Incorporate collateralized Bitcoin liquidity into vaults, markets, and yield strategies.

Wallet providers

Hardware and software wallet integrations enable secure access across environments without new operational models.

How it works

From BTC to collateral in four steps.

1
Deposit BTC
Send native BTC to your unique Hashi-generated deposit address on the Bitcoin network. Each Sui address gets a personalized 2-of-2 multisig address.
3
Collateralize
Use your #BTC as collateral in Sui smart contracts. Define LTV ratios, link price oracles, and access stablecoin liquidity.
2
Validators confirm
Sui validators running Hashi monitor the Bitcoin network, reach quorum after confirmations, and mint equivalent #BTC on Sui.
4
Withdraw
Repay your position and withdraw native BTC back to any Bitcoin address. MPC signing ensures secure, automated release.
1
Deposit BTC
Send native BTC to your unique Hashi-generated deposit address on the Bitcoin network. Each Sui address gets a personalized 2-of-2 multisig address.
2
Validators confirm
Sui validators running Hashi monitor the Bitcoin network, reach quorum after confirmations, and mint equivalent #BTC on Sui.
3
Collateralize
Use your #BTC as collateral in Sui smart contracts. Define LTV ratios, link price oracles, and access stablecoin liquidity.
4
Withdraw
Repay your position and withdraw native BTC back to any Bitcoin address. MPC signing ensures secure, automated release.

Native Bitcoin. Collateral on Sui. Enforced by code.

Hashi is now available on Sui devnet.
Get started