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Sui says Hashi, its native Bitcoin finance infrastructure, will begin a phased mainnet rollout later in October 2026, backed by more than $500 million in capital commitments from a launch coalition of more than 20 crypto-industry partners. As of Sui’s October 8, 2026 announcement, that is a plan supported by commitments. It is not confirmed deposits, and partner products open only as their integrations are completed.
What Sui announced on October 8, 2026
Sui Foundation’s launch announcement said Hashi mainnet would go live later in the month in a phased rollout. It added Anchorage Digital as a new day-one launch partner and said partner access would open progressively as integrations are completed. Until those steps are finished, the accurate description is that the launch is announced, planned or expected. It should not be reported as complete.
What the $500 million figure does and does not establish
The $500 million number is the detail most often quoted and most easily misread. The announcement supports the following reading and no more:
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- It is committed capital. Partners have made capital commitments to the launch coalition. Sui does not describe this as deposits, assets under management, or guaranteed available liquidity.
- It has no published breakdown. The announcement does not split the total by partner, so no individual partner’s share can be read from it.
- Deposit status is not disclosed. Sui did not say how much of the committed capital had already been deposited.
- Binding terms are not identified. The announcement does not explain the conditions under which the commitments become binding.
- No return is promised. No yield is stated, and the announcement does not describe any principal protection.
How Hashi is designed to work
Hashi is infrastructure rather than a finished financial product. It handles how Bitcoin enters Sui as collateral and coordinates that collateral through Sui smart contracts. The financial products that use the collateral are created and offered independently by third parties. Sui’s description of the basic flow runs in four steps:
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- Deposit. A user deposits native BTC through Hashi. The BTC remains on the Bitcoin network and is held as collateral under the security arrangement described later in this article.
- Mint. hBTC is minted on Sui against that deposited BTC.
- Use. The hBTC can be used in Sui applications that support it. Which applications accept it, and when, depends on each integration.
- Exit. The hBTC is burned, and native BTC is released back to the Bitcoin network.
Can you use your Bitcoin as collateral on Sui?
Possibly, but not yet, and not in a way the announcement fully specifies. The mechanism is that BTC deposited through Hashi becomes hBTC on Sui, which can then be used in Sui applications. Two conditions have to be met first: Hashi mainnet has to be live, and the specific application you want to use has to have completed its Hashi integration. As of the October 8 announcement, the phased rollout had not started, and the sources do not establish which applications will accept hBTC at launch or on what terms.
Applications Hashi is meant to support
Sui’s announced application categories are the following:
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- Lending and borrowing
- Credit
- Vaults
- Structured products
The March 19, 2026 introduction went further, describing stablecoin lending against BTC, credit origination, collateral management, and other use cases that builders could create. These are intended applications. Each depends on its own deployment and integration, so a listed category does not mean a live product exists.
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Sui’s announcements name partners across custody and wallets, liquidity, applications, infrastructure, vault management, insurance and security. The table below shows who is named in each announcement and what that announcement says about them.
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- Unparalleled Security: Protect your assets with EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Multi-share Backup eliminates single points of failure for secure cold wallet recovery
| Announcement | Partners named | What the announcement says |
|---|---|---|
| October 8, 2026 launch | Anchorage Digital (new day-one launch partner), BitGo, Bullish, Cumberland, FalconX, Ledger; more than 20 partners in the coalition overall | Capital commitments of more than $500 million. No per-partner amounts are given. Ledger is named among wallet partners (see note below). |
| March 19, 2026 introduction | Erebor Bank, Fordefi, AlphaLend, Navi, Scallop, Suilend, CF Benchmarks, Cubist | Partners named with roles described in the introduction. That description does not establish that any product from these partners is live on Hashi. |
| July 22, 2026 testnet announcement | Soter Insure, plus additional application, vault, oracle and security partners | Soter Insure is named for Bitcoin-denominated institutional insurance. The other partners are named in the announcement, but their individual roles are not established here. |
Ledger is named among the wallet partners. Sui’s earlier introduction said self-custody wallet users, including Ledger users, were expected to take part. The sources do not identify compatible Ledger models or confirm model-specific support.
Institutional access through Anchorage Digital
Anchorage Digital announced two routes for institutions. Anchorage also said it plans to provide stablecoin liquidity. The timing and terms of that liquidity are not stated. Both routes depend on the phased integration process.
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| Item | Atlas | Porto |
|---|---|---|
| What it is | Anchorage infrastructure that supports tri-party collateral settlement | Anchorage institutional self-custody wallet |
| Custody model | Qualified custody with operational controls | Self-custody |
| Intended user | Institutions that require qualified custody and operational controls | Organizations seeking direct access |
| Settlement workflow | Tri-party collateral settlement | Not stated |
| Live status on Hashi | Not stated; depends on phased integration | Not stated; depends on phased integration |
Security claims and remaining risks
The security description below comes from Sui’s announcements. Sui does not present these measures as eliminating risk, and the sources do not quantify the risks that remain.
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- Hashi uses MPC (multi-party computation) security, Sui smart contracts and a Guardian Layer.
- BTC collateral uses a 2-of-2 multisig that requires authorization from Hashi validators and the guardian.
- The Guardian Layer is an additional check that can slow or stop suspicious collateral movement.
- Certora formally verified the smart contracts.
- CommonPrefix performed a cryptographic security review of the MPC protocol.
Risks users carry
- Protocol risk
- Custody risk
- Counterparty risk
- Smart-contract risk
- Liquidity risk
- Collateral-management risk
A formal verification or security review is not a guarantee against loss, operational failure or every possible vulnerability. The launch materials do not give enough detail to quantify these risks, state yield terms or compare individual applications.
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The 0.22% figure and launch statements
0.22% of Bitcoin, or $3.07 billion, used in DeFi
Sui’s March 19, 2026 introduction says 0.22% of Bitcoin, or $3.07 billion, is utilized in DeFi. This is Sui’s own figure and describes conditions as of that date. No independent dataset supporting it is cited in the sources covered here, so it should not be read as an independently verified measurement or as a measure of today’s market.
What the launch statements say
Adeniyi Abiodun, Mysten Labs co-founder and Chief Product Officer, said: “Bitcoin has already become a global reserve asset, and today, the financial infrastructure around it is catching up.”
Nathan McCauley, Anchorage Digital CEO and co-founder, said in the launch announcement: “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.”
Both statements describe intent and positioning rather than measured results.
Timeline
| Date | Milestone | Status as of October 9, 2026 |
|---|---|---|
| March 19, 2026 | Hashi introduced, with intended use cases and the 0.22% figure | Published |
| July 22, 2026 | Hashi testnet announced as live, with partner categories and the Guardian Layer | Testnet live |
| October 8, 2026 | Mainnet launch announced; more than $500 million in capital commitments; Anchorage Digital added | Announced |
| Later in October 2026 | Phased mainnet rollout | Planned; completion not confirmed |
| As integrations are completed | Partner access opens progressively | No dates given |
Questions to answer before using Hashi
The announcement does not answer the questions that matter most to an individual or institution deciding whether to use a Hashi-based product. Put these to the application or provider before committing Bitcoin:
Quick Recap
- Who operates the application that holds my hBTC, and what happens to my collateral if that operator fails?
- What are the collateral ratio, liquidation, and withdrawal rules?
- Which stablecoins can be lent or borrowed, and how are they settled?
- What fees apply? No fee information appears in the launch materials.
- Is the product insured, and if so, by which provider and under what terms? Soter Insure’s announced role does not establish coverage for any specific product.
- Which access route applies: Anchorage Atlas for qualified custody, Porto for self-custody, or a route that is not yet described?
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