The Hashi Bitcoin finance network, developed by Mysten Labs, is set to begin a phased rollout in October. The project has secured over $500 million in capital commitments from its launch partners.
Hashi functions by using Bitcoin as collateral within Sui applications. Users deposit Bitcoin to mint hBTC on the Sui network. When users exit the system, hBTC is burned, and the original Bitcoin is returned to the Bitcoin network.
The launch coalition consists of more than 20 companies, including BitGo, Bullish, Cumberland, FalconX, and Ledger. Providers such as Aftermath, Concrete, and Fluid are expected to operate Hashi vaults for financial products like lending, borrowing, and credit.
Anchorage Digital has joined the coalition to provide institutional clients with access via its settlement infrastructure and self-custody wallets. The firm also intends to supply stablecoin liquidity to the Hashi ecosystem.
