Sui’s Hashi Bitcoin Network Secures $500M to Bring BTC into DeFi

Mysten Labs is initiating a phased rollout of its Hashi Bitcoin finance network on Sui this October. The network has secured over $500M in capital commitments from launch partners ahead of its mainnet debut. Hashi operates by allowing users to deposit Bitcoin to mint hBTC on the Sui blockchain, which can then be deployed as collateral across decentralized lending, borrowing, and credit vaults. The launch coalition comprises more than 20 companies, including institutional heavyweights like Anchorage Digital, BitGo, Bullish, Cumberland, FalconX, and Ledger. “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.” — Nathan McCauley