Sui's Hashi platform has officially launched its mainnet this month with over $500 million in committed capital from launch partners, as announced at Sui Basecamp in Singapore. The phased mainnet rollout began in October, with access expanding as launch partners complete their integrations. The $500 million figure represents commitments from the launch coalition, not actual deposits currently held in live Hashi contracts, as the mainnet has reached the stage where that figure can be treated as live on-chain total value locked. This milestone marks the culmination of Hashi's journey from concept to devnet, testnet, and now live mainnet with meaningful capital already backing financial applications. The announcement has generated significant interest among traders and developers, particularly as the broader crypto market exhibits mixed signals. As reported by Sui Foundation, the pre-pledged capital ensures that when the system debuts, markets can open with deep liquidity instead of starting empty, providing institutional confidence from day one.
Anchorage Digital has joined as a day-one launch partner, bringing America's first federally chartered crypto bank to the platform. The partnership provides institutional clients with seamless access to Hashi and adds additional stablecoin liquidity to the network. Anchorage offers two planned access models for institutional users - the first uses Atlas, Anchorage's institutional settlement and tri-party collateral platform, allowing companies to keep Bitcoin within qualified-custody arrangements while participating in financing activity. The second route uses Porto, Anchorage's institutional self-custody wallet, for firms including hedge funds, crypto venture funds, miners, liquidity providers and market makers who want direct access to Hashi applications while controlling their own assets. As reported by Sui Foundation, the rollout will be sequenced, meaning all partners will not necessarily become active at the same moment, with access expanding as custodians, wallets and application providers complete their integrations. According to Anchorage Digital's CEO Nathan McCauley, the platform represents a complete paradigm shift connecting institutional clients with a growing range of financial applications.
Hashi uses multi-party computation (MPC) alongside Sui smart contracts to control Bitcoin movements, with deposited BTC held through a 2-of-2 structure requiring authorization from the Hashi validator system and a separate guardian before collateral can leave. The Guardian Layer acts as an independent check that can slow or stop suspicious movements. According to Sui Foundation, Hashi validators jointly operate a threshold Schnorr signer through MPC, with the initial design expected to remain secure while less than roughly 33% to 50% of staking power colludes. This technical approach ensures Bitcoin remains on the Bitcoin network while Hashi coordinates its use as collateral through Sui smart contracts. To meet strict institutional compliance and security standards, Hashi has undergone rigorous vetting, with security firm Certora formally verified Hashi's smart contracts and another firm, CommonPrefix, reviewed the cryptography of its multi-party computation (MPC) protocol.
The launch coalition includes more than 20 firms spanning custody, trading, wallets, liquidity services and decentralized finance, with named participants including BitGo, Bullish, Cumberland, FalconX and Ledger. Aftermath, Concrete and Fluid are among companies expected to operate vaults. As reported by Sui Foundation, the rollout will be sequenced, meaning all partners will not necessarily become active at the same moment, with access expanding as custodians, wallets and application providers complete their integrations. Hashi vault providers such as Aftermath, Concrete, Fluid and others are already operational with meaningful capital backing their applications. Currently, Sui Network's trading volume is not reported, indicating thin liquidity in its market activities, though the announcement of the Hashi mainnet and significant capital backing could stir interest and trading activity in the coming weeks.
Hashi allows Bitcoin holders to use native BTC as collateral for lending, borrowing, credit, vaults and structured financial products built on Sui. According to Sui Foundation, applications can include stablecoin borrowing, lending markets, credit origination, automated vault strategies, real-world asset products and Bitcoin-backed bonds. When BTC enters the system, Hashi mints hBTC on Sui against the deposited Bitcoin, with hBTC burned and underlying BTC released when holders exit. The platform addresses a critical market gap, as Sui estimates that roughly $1 trillion worth of Bitcoin is currently sitting idle because institutions lacked a compliant, transparent ecosystem to safely deploy their native Bitcoin in decentralized finance. For institutions, Hashi turns long-term BTC holdings into productive working capital while maintaining Bitcoin's native properties on the Sui network. As noted by Anchorage Digital's CEO Nathan McCauley, the platform represents a complete paradigm shift, connecting institutional clients with a growing range of financial applications beyond speculative crypto trading, including real-world expenses like university tuition, real estate acquisitions, and corporate working capital.
