Mysten Labs' Hashi Bitcoin finance network will begin a phased rollout in October with more than $500 million in capital commitments from launch partners, the Sui Foundation announced Thursday.

Hashi lets applications built on Sui use Bitcoin (BTC) as collateral. Users deposit Bitcoin and receive hBTC minted on Sui, a wrapped representation that can circulate across decentralized finance applications on the layer-1 chain. When a user exits a position, the protocol burns hBTC and returns the underlying BTC to the Bitcoin network.

The Sui Foundation said the design opens Bitcoin-backed use cases including lending, borrowing, credit, vaults and structured products directly within the Sui ecosystem.

Who is backing the launch?

The launch coalition includes more than 20 companies, among them BitGo, Bullish, Cumberland, FalconX and Ledger. The foundation named Aftermath, Concrete and Fluid as providers expected to operate Hashi vaults.

Anchorage Digital joined as a launch partner and will offer institutional clients access through its settlement infrastructure and self-custody wallet. The company also plans to supply stablecoin liquidity to Hashi, according to the announcement.

"Public companies and institutions hold enormous amounts of Bitcoin, but their ability to use that capital has been constrained by the technology available to them and the limitations of the DeFi space," said Nathan McCauley, CEO and co-founder of Anchorage Digital.

What does the structure mean for builders?

Hashi was developed by Mysten Labs, the founding contributor to Sui. The Sui Foundation emphasized that third parties will independently create and offer financial products built on the infrastructure, positioning Hashi as base-layer plumbing rather than an end-user product.

That division of labor matters operationally. Custody and settlement sit with qualified institutional partners such as Anchorage and BitGo, while application-layer risk — vault management, product design, credit assessment — falls to independent teams like Aftermath, Concrete and Fluid.

The burn-and-redeem mechanism also gives the system a defined exit path: hBTC is destroyed on Sui and the underlying BTC returns to the Bitcoin network, a design choice aimed at preventing unbacked minting of the wrapped asset.

For institutions, the Anchorage integration is the most consequential piece. Settlement through regulated infrastructure plus self-custody wallet support addresses the two main operational objections — counterparty risk and key control — that have kept corporate Bitcoin holders out of DeFi.

What comes next?

The October rollout is phased, meaning capital commitments will convert into live vault activity gradually rather than all at once. The near-term test for Hashi will be whether vault operators launch products that absorb the committed liquidity and whether institutions follow Anchorage's settlement rail into production use.