Sui’s Hashi Bitcoin finance network is preparing for a phased rollout in October with more than $500 million in capital commitments from launch partners, according to Cointelegraph. Developed by Mysten Labs, Hashi is designed to let Bitcoin holders use BTC within applications built on the Sui blockchain.
How Hashi will use Bitcoin
Hashi will create hBTC on Sui when users deposit Bitcoin as collateral. The token is intended to represent the deposited BTC within Sui’s application ecosystem, allowing developers to build products such as lending and borrowing services, credit facilities, vaults and structured products.
When a user leaves the system, the hBTC is burned and the underlying Bitcoin is returned to the Bitcoin network. In this model, Bitcoin can be used in Sui-based financial applications without being transferred directly into those applications in its original form.
The Sui Foundation said Hashi’s launch coalition includes more than 20 companies. Participants named in the announcement include BitGo, Bullish, Cumberland, FalconX and Ledger. Aftermath, Concrete and Fluid are among the providers expected to operate Hashi vaults.
Anchorage adds institutional access
Anchorage Digital has joined Hashi as a launch partner. The company will give institutional clients access through its settlement infrastructure and self-custody wallet, while also planning to provide stablecoin liquidity to the network.
A self-custody wallet allows clients to retain control of their digital assets, while settlement infrastructure supports the transfer and completion of transactions. Stablecoins are digital tokens designed to maintain a stable value relative to an underlying reference asset, commonly a fiat currency.
Nathan McCauley, Anchorage Digital’s chief executive and co-founder, said institutions and public companies hold large Bitcoin positions but have faced limitations in putting that capital to work because of available technology and constraints in decentralized finance.
A network for third-party products
Hashi was developed by Mysten Labs, the founding contributor to Sui. The Sui Foundation said independent third parties will create and offer financial products using the network’s infrastructure. That means Hashi is intended to function as a base layer for applications rather than as a single financial product operated by one provider.
The more than $500 million in commitments announced ahead of the mainnet rollout represents capital commitments from launch partners. The announcement did not specify how much Bitcoin or stablecoin liquidity had already entered the network, nor did it provide a breakdown by partner.
Current market picture
Moneyiar market data at 21:44 on October 8, 2026, showed Bitcoin at $81,655.13, down 1.83% over 24 hours and 3.33% over seven days. Sui was priced at $1.0476, down 6.22% in 24 hours and 9.96% over seven days.
The market figures provide a snapshot of BTC and SUI prices around the reported launch plans; they do not indicate how the Hashi rollout will affect either asset.
