Hashi Mainnet: $500M Backing for Native Bitcoin on Sui

Hashi is Sui's native Bitcoin finance infrastructure. It lets BTC that stays on the Bitcoin network be used as collateral in Sui smart contracts through a Sui-side asset called hBTC. On 8 October 2026, at Sui Basecamp, the Sui Foundation announced that Hashi mainnet would go live in a phased rollout later in October. It also said the launch has more than $500 million in capital commitments behind it and that Anchorage Digital has joined the launch coalition as a day-one partner.

This explainer covers what Hashi is, how hBTC is minted and redeemed, how the security model works, what the $500 million does and does not mean, who is in the coalition, and why it matters for Bitcoin DeFi (BTCfi) on Sui. It also explains where JewelSwap's existing BTC farms on Sui fit. Everything here comes from the Sui Foundation, Mysten Labs' documentation and the news coverage linked inline, and is accurate as of 20 October 2026.

What is Hashi?

The official Hashi page describes it as "a decentralized Bitcoin collateralization primitive on Sui". Mysten Labs' design documentation calls it "the Sui native Bitcoin orchestrator": a protocol for securing and managing BTC for use on Sui with threshold cryptography. Its first feature is depositing BTC into a managed pool and withdrawing it again, with ownership represented on Sui as a fungible coin.

Mysten Labs, the original contributor to Sui, built the framework. The Sui Foundation stresses that Hashi is "an infrastructure primitive rather than a product". Lending markets, vaults and other financial products on top of it are created and run independently by third parties.

The problem Hashi targets is idle Bitcoin. Sui argues that more than $1 trillion in BTC sits largely unused because institutions and listed companies holding it have lacked a way to use native BTC in programmable markets with the transparency, compliance and controls they need.

How hBTC works

The Hashi page sets out a four-step flow:

Deposit BTC. You send native BTC to a Hashi-generated deposit address on the Bitcoin network. Each Sui address gets its own 2-of-2 multisig deposit address.
Validators confirm. Sui validators running Hashi watch the Bitcoin network, reach quorum after confirmations and mint the equivalent amount on Sui.
Collateralise. The Sui-side BTC can be used as collateral in Sui smart contracts, with LTV ratios, price oracles and liquidation logic defined in code.
Withdraw. You repay any position and withdraw native BTC to any Bitcoin address. The hBTC is burned and the BTC is released through MPC signing.

The key difference from a typical wrapped token is custody. With an asset like WBTC, a custodian holds the bitcoin and issues a token against it (see what is wrapped Bitcoin). With Hashi, Sui says the BTC "remains on the Bitcoin network" while Sui contracts coordinate its use. Crypto.news sums it up as giving developers a way to build Bitcoin-backed products "without requiring the original BTC to move onto Sui as a conventional wrapped token".

Security model: MPC, 2-of-2 and the Guardian Layer

According to the Sui Foundation, Hashi combines three layers:

MPC threshold signing. Hashi validators jointly run a threshold Schnorr signer, so no single machine holds the key. Crypto.news, citing Mysten Labs' documentation, reports that the initial design is meant to stay secure as long as less than roughly 33% to 50% of staking power colludes, depending on final parameters.
A 2-of-2 multisig. All BTC collateral is held under a 2-of-2 structure that needs both the validators' MPC signature and a guardian signature before it can move. This was introduced with testnet on 22 July 2026.
The Guardian Layer. It acts as a second check before BTC leaves the system and can slow or stop suspicious collateral movement.

Sui says Certora formally verified Hashi's smart contracts and CommonPrefix carried out a cryptographic security review of the MPC protocol. One trade-off to keep in mind: a brake that slows an attacker can also slow legitimate withdrawals during market stress. How the guardian's thresholds are set in practice will matter as much as the cryptography.

The $500 million: commitments, not deposits

Sui says more than $500 million in capital has been committed by the launch coalition, so that lending, borrowing, credit, vaults and structured products "can begin with meaningful capital already behind them" in vaults run by providers such as Aftermath, Concrete and Fluid.

This is pledged capital, not total value locked. Crypto.news points out that Sui has not said the $500 million is already deposited, and that no public onchain record yet shows it in live Hashi contracts. The useful numbers to watch once mainnet opens are how much native BTC is actually deposited, how much hBTC is minted and which applications list it.

Anchorage Digital joins the coalition

Anchorage Digital, which Sui describes as "home to America's first federally chartered crypto bank", is the newest day-one launch partner. It plans two routes for its clients:

Atlas (tri-party collateral): for institutions bound by qualified-custody, compliance and operational rules, such as public companies holding BTC on their balance sheets and digital asset treasury companies that may not be able to use DeFi directly.
Porto (self-custody): Anchorage's institutional self-custody wallet, aimed at crypto-native funds, hedge funds, miners, market makers and LPs that want direct access.

Anchorage also plans to provide stablecoin liquidity to Hashi. CEO Nathan McCauley called the integration "a complete paradigm shift and maturation of Bitcoin finance". Anchorage Digital is also a Friends of FinTech sponsor at Singapore FinTech Festival 2026.

Who is in the Hashi coalition?

Sui says more than 20 partners have joined since Hashi was unveiled. The testnet announcement grouped them like this:

Custody and wallets: BitGo, Blockdaemon, Cobo, Fordefi (by Paxos), Cubist, Ledger and SwissBorg.
Lending, trading and liquidity: Bullish, Cumberland, Erebor and FalconX.
Sui DeFi and lending apps: AlphaLend, Bluefin, Current, Scallop and Suilend for retail lending and borrowing on day one, plus Fluid and NAVI.
Vaults and asset management: Concrete by Blueprint Finance, with Aftermath and Fluid named as vault providers in the mainnet post.
Institutional managers: Wave Digital Assets, which committed to prioritising tokenised Bitcoin-yield bond products.

Anchorage Digital is now on that list too. For background on the Sui lenders named above, see Sui lending protocols compared.

Timeline: from devnet to mainnet

Early 2026: Mysten Labs introduced Hashi and opened devnet (crypto.news dates the first reveal to March).
9 April 2026: a guest post by Fenwick argued that locking BTC through Hashi and receiving hBTC should not be a taxable event under US federal income tax law. That is a law firm's opinion, not an IRS ruling.
22 July 2026: testnet launched with the Guardian Layer.
8 October 2026: mainnet announced at Sui Basecamp, with more than $500 million committed and Anchorage Digital joining. See our Sui Basecamp 2026 recap.
Late October 2026: phased mainnet rollout. Access opens step by step as partners finish integrations, "from institutional custody desks to retail wallets". As of 20 October 2026 we found no confirmation that mainnet deposits had opened.

Why Hashi matters for BTCfi on Sui

Sui already has Bitcoin in several forms, including bridged and wrapped versions and tBTC, which went live on Sui in 2025. What Hashi adds is a route designed by Mysten Labs itself, built for institutions that would not hand BTC to a single custodian, and backed by Sui's own lending protocols from the start. If it works as described, three things could follow:

Deeper BTC collateral markets. Sui lenders could accept hBTC alongside existing BTC variants, which could add borrowing depth.
Stablecoin demand. The core use case Sui describes is borrowing stablecoins against BTC without selling it.
New BTC products. Vaults, structured products and Bitcoin-backed bonds are all on Sui's list.

There are open questions too: how fast real deposits arrive, how liquid hBTC is against other BTC variants on Sui DEXs, and how the guardian behaves under stress. For the wider context of earning on BTC, see Bitcoin yield in DeFi.

BTC farms on JewelSwap today

JewelSwap does not support hBTC as of 20 October 2026. It does already run two BTC-against-BTC leveraged farms on Scallop, one of the Sui lenders named in the Hashi coalition:

sbwBTC–zwBTC: you deposit sbwBTC and the farm borrows zwBTC on Scallop.
xBTC–zwBTC: you deposit xBTC and the farm borrows zwBTC.

Because both legs are Bitcoin variants, a BTC price move affects collateral and debt together. These are still leveraged positions, though. The main risks are a depeg between the two BTC variants, liquidation, the smart contract risk of each protocol involved, and thin exit liquidity, since the farms have small deposit caps. Read how Scallop leveraged farming works before you deposit. For the rest of the ecosystem, see our best DeFi platforms on Sui hub.

Frequently asked questions

What is Hashi on Sui?

Hashi is Sui's native Bitcoin finance infrastructure, built by Mysten Labs. It lets native BTC act as programmable collateral in Sui smart contracts while the bitcoin itself stays on the Bitcoin network.

What is hBTC?

hBTC is the asset minted on Sui against BTC deposited into Hashi. It can be used in Sui applications, and when you withdraw, the hBTC is burned and native BTC is released back to a Bitcoin address.

When does Hashi mainnet launch?

Sui said on 8 October 2026 that Hashi mainnet would begin a phased rollout later in October 2026, with access widening as launch partners complete their integrations. As of 20 October 2026 we found no confirmation that deposits had opened.

Is the $500 million already deposited in Hashi?

No. The figure refers to more than $500 million in capital commitments from the launch coalition, not funds already locked in Hashi contracts.

What does Anchorage Digital do in Hashi?

Anchorage Digital joined as a day-one launch partner. It offers institutions tri-party collateral access through its Atlas settlement infrastructure and direct access through its Porto self-custody wallet, and plans to provide stablecoin liquidity.

Can I use hBTC on JewelSwap?

Not as of 20 October 2026. JewelSwap's Sui BTC farms currently use sbwBTC, xBTC and zwBTC through leveraged farms on Scallop.

Keep reading

This article is educational and is not financial, legal or tax advice. Details are as of 20 October 2026 and come from Sui Foundation announcements, Mysten Labs' documentation and the news coverage linked inline; launch dates, partners and figures can change.

Viktor Vostrikov

Co-Founder

About the author.

Co-Founder at JewelSwap & Chief Strategy Officer at iDenfy. Viktor brings his successful track record of superb development & project management.