Hashi's $500M Bitcoin Finance Mainnet Draws Anchorage Digital to Sui

$500M Pledged Before the First Deposit

More than 20 launch partners and America's first federally chartered crypto bank now stand between Sui's Bitcoin (BTC) finance plans and a live market. At Sui Basecamp 2026 in Singapore on Thursday, the team behind Hashi, the Bitcoin financial infrastructure built on the Sui network, confirmed the mainnet goes live at the end of October, backed by more than $500 million in capital commitments from partners across the crypto industry. Anchorage Digital, which holds the first federal crypto bank charter in the United States, joined as a new launch partner and will support institutional clients using Hashi while adding further stablecoin liquidity to the network. No Sui price claim came with the announcement, which centered on capital and infrastructure rather than token metrics. The pledges are not a treasury raise: they are committed capital that partners have agreed to put into Hashi's markets once the network is live. Hashi's premise, per the project's own materials, is that more than $1 trillion worth of Bitcoin (BTC) sits largely idle in traditional finance: institutions and public companies holding BTC as a treasury asset have lacked a way to put native Bitcoin to work in programmable markets while keeping the transparency, compliance and control their governance requires. Bitcoin has spent more than fifteen years accumulating value as crypto's largest asset pool, yet most of it still functions as a stored rather than a working asset, the team argues. Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs, the firm behind Sui's early development, framed it that way: Bitcoin has become a global reserve asset, the infrastructure to deploy it is now arriving, and Hashi is launching with capital and a representative set of industry partners because institutions want their safeguards intact while putting the asset to work.

hBTC Mints Against Custodied Bitcoin

The mechanics are deliberately conservative. Bitcoin (BTC) deposited into Hashi never leaves the Bitcoin network: the assets stay in custody on the original chain, while smart contracts on Sui recognize them as collateral and mint hBTC on Sui. Redemption runs in reverse: a user burns hBTC and receives the native BTC back on the Bitcoin network. The committed $500 million will sit in vaults run by providers including Aftermath, Concrete and Fluid, giving Sui's Bitcoin-collateralized lending market a funded base from day one: loans, borrowing, credit supply, vaults and structured products can open with real balance sheets behind them. That structure gives traders a route to leverage against Bitcoin without selling it, with third-party venues for margin trading and other credit applications expected to build on the collateral. For institutions still weighing participation, the team disclosed a legal review from Fenwick, a law firm active in crypto, which judged Hashi's deposit and redemption flow to be non-taxable transactions under United States tax law, a finding aimed squarely at the hesitation regulated firms have shown toward putting Bitcoin to work on other chains. Hashi itself is positioned as infrastructure rather than a financial product: Mysten Labs built the base structure, and every lending, vault or structured product on top is developed and offered independently. The rollout is phased. As launch partners complete integrations and move real capital in, native BTC deposits, hBTC minting and Bitcoin-collateralized lending begin in production, with operating scale widening gradually and access paths opening in sequence from institutional custody services down to consumer wallets. The launch lands on a chain that has been building out capacity: a 40,614,180 TPS stress test, a tokenized asset standard with OpenAssets and a 6 billion transaction milestone all preceded this week's news.

Pledged Capital, Pending Deposits

The commitment stack is the story, not the calendar date. A mainnet launch means little until collateral moves, and Hashi's model makes the money visible from day one, because the pledged $500 million flows into named vault providers whose balances can be tracked on-chain once deposits start. That sets a clean test for judging the rollout: watch how fast committed capital becomes deployed collateral and how much hBTC actually circulates in lending markets. The party that has not moved yet is the institutional base beyond the launch partners. Banks, custodians and corporate treasury desks are the customers Anchorage Digital is meant to bring in, and their deposit decisions, not the launch event, will decide whether Sui's Bitcoin finance market grows past its founding group.