Sui is preparing to launch Hashi mainnet later in October with more than $500 million in committed capital and Anchorage Digital joining its institutional coalition. According to the Sui Foundation’s official October 8 announcement, the commitments are intended to seed Bitcoin-backed lending, borrowing, credit and vault markets as Hashi moves from testnet into production. More than 20 custody, liquidity and infrastructure partners are participating in the rollout.
The $500 million figure represents capital committed by participants rather than assets already deposited onchain or a funding round for Sui. Hashi says vault providers including Aftermath, Concrete and Fluid will use that capital as applications come online. The distinction matters because committed liquidity establishes potential launch capacity, not demonstrated deposits, borrowing demand or recurring market activity.
Anchorage Adds Two Institutional Access Routes
Anchorage Digital is joining as a day-one partner with two intended routes into Hashi. One uses tri-party settlement for institutions that require regulated custody and collateral infrastructure, while another uses Porto, Anchorage’s institutional self-custody wallet, for participants seeking direct operational control. Anchorage is also expected to contribute stablecoin liquidity. Its role expands the custody and settlement options surrounding Hashi without making Anchorage the sole custodian of Bitcoin deposited into the protocol.
That model reflects a wider effort to make Bitcoin usable as collateral without requiring institutions to abandon existing control frameworks. Similar infrastructure has emerged through Lombard and Bitwise’s Bitcoin Smart Accounts, while Mezo has integrated Anchorage Digital into its institutional Bitcoin infrastructure. Hashi takes a different approach by coordinating native Bitcoin collateral with applications running on Sui rather than moving the underlying BTC itself onto Sui.
When BTC enters Hashi, it remains in a Bitcoin address while a corresponding hBTC receipt asset is minted on Sui. That hBTC can then interact with lending, credit, vault and structured-product applications. When the position is exited, hBTC is burned and native BTC is released on Bitcoin. hBTC therefore represents a claim linked to BTC locked through Hashi rather than Bitcoin physically migrating onto the Sui ledger.
Hashi Adds MPC and Guardian Controls
Hashi secures normal Bitcoin withdrawals through a Taproot structure requiring both an MPC-generated Hashi signature and Guardian authorization. The MPC system distributes signing authority across participating Sui validators rather than placing a complete Bitcoin private key with one operator, while the Guardian provides an additional check before collateral leaves the system. The design creates multiple authorization layers around BTC movement instead of relying on a conventional single bridge custodian.
The security model nevertheless includes an explicit recovery mechanism. Hashi’s technical specification gives each deposit address a second Taproot spending path that permits the MPC-controlled key to recover funds after a 60-day relative timelock if the Guardian key becomes unavailable. Its smart contracts have undergone formal verification by Certora, while CommonPrefix reviewed the MPC protocol. Those controls reduce particular failure modes, but they do not eliminate validator, Guardian, smart-contract or application-layer risk. That distinction is relevant on Sui after incidents such as the Volo vault exploit demonstrated how infrastructure outside the base chain can remain a separate security boundary.
Hashi is also being structured around a specific U.S. tax interpretation. Fenwick attorneys concluded that locking BTC and receiving hBTC “ought not” to constitute a taxable disposition under current U.S. federal income-tax principles, reasoning that hBTC evidences continued beneficial ownership of the underlying Bitcoin. The analysis explicitly notes that no specific tax guidance covers this exact structure and recommends users obtain their own advice. The tax position is therefore a legal analysis supporting Hashi’s design, not an IRS ruling or guaranteed treatment for every participant.
If Hashi launches as scheduled later this month, the immediate test will be whether the $500 million-plus commitments translate into funded vaults, borrowing activity and repeat institutional usage. The mainnet milestone will establish infrastructure availability; adoption will have to be demonstrated separately through deployed BTC, credit utilization, liquidity and settlement activity once production markets are live.
