Sui’s Hashi Bitcoin collateral network lines up more than $500M ahead of mainnet

Overview

The Sui Foundation has announced that it has secured over $500 million in funding for its Hashi network, which uses Bitcoin as collateral. This funding is intended to provide initial liquidity for the launch and is expected to flow into early applications through vault providers.

What is Hashi?

Hashi is a decentralized and secure way to use Bitcoin as collateral. It keeps native BTC on the Bitcoin network itself and uses smart contracts to coordinate how that Bitcoin gets used as collateral across lending, borrowing, credit, vaults and structured products. The system mints hBTC, a representation of Bitcoin on Sui, which holders can move between hBTC and native BTC through deposit and withdrawal mechanisms.

Security Features

Security rests on threshold cryptography, also known as multi-party computation (MPC). Each Sui address gets a 2-of-2 multisig arrangement, meaning two separate keys must sign off before anything moves.

Partners and Funding

The funding is being provided by a coalition of over 20 partner organizations, including Anchorage Digital. Anchorage Digital is bringing stablecoin liquidity to the table and will give clients access to Hashi through two routes: its Atlas tri-party collateral settlement system, which operates within qualified custody, and its Porto self-custody wallet.

Phased Rollout

The phased rollout is expected to begin later in October 2026. The project says it is targeting institutional-grade compliance, and Anchorage's involvement through qualified custody gives regulated players a familiar on-ramp rather than asking them to trust an unfamiliar bridge.

Conclusion

The success of Hashi will depend on how much of the funding converts into live liquidity and how quickly hBTC gets adopted across early applications. Watch how much of the funding converts into live liquidity, how quickly hBTC gets adopted, and how many clients actually route Bitcoin through Atlas or Porto.