The Bitcoin financial network Hashi from Mysten Labs will begin a phased rollout in October, having secured more than $500 million in investments from its launch partners.
As the Sui Foundation announced on Thursday, Hashi uses Bitcoin (BTC) as collateral in Sui applications, issuing hBTC on the Sui platform backed by the deposited bitcoins. Applications may include lending, borrowing, vaults, and structured products.
When users leave the network, hBTC is burned and the underlying BTC are returned to the Bitcoin network.
Sui said that the coalition launching the network includes more than 20 companies, including BitGo, Bullish, Cumberland, FalconX, and Ledger. It named Aftermath, Concrete, and Fluid among the providers expected to manage Hashi vaults.
Anchorage Digital joined the coalition as a launch partner, providing institutional clients with access through its settlement infrastructure and self-custody wallet. According to the statement, the company also plans to provide liquidity in the form of stablecoins for Hashi.
"Public companies and institutions hold enormous amounts of BTC, but their ability to put this capital to use is limited by the technologies available to them and the shortcomings of the DeFi space," said Nathan McCauley, CEO and co-founder of Anchorage Digital.
Hashi was developed by Mysten Labs, one of the founders of Sui. The Foundation said that third parties will independently build and offer financial products using this infrastructure.
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