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Sui’s Hashi to begin phased rollout with $500M in Bitcoin commitments

Mysten Labs said Hashi will use Bitcoin as collateral via minted hBTC, with hBTC burned and the underlying BTC returned when users exit.

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Sui’s Hashi Bitcoin finance network is set to begin a phased rollout in October with more than $500 million in capital commitments from its launch partners, according to Cointelegraph. The project is tied to Mysten Labs and is described as a network that supports a range of finance applications on Sui.

Hashi will use Bitcoin (BTC) as collateral in Sui applications by minting hBTC on Sui against deposited Bitcoin, the Sui Foundation said. The outlet added that applications could include lending, borrowing, credit, vaults, and structured products.

Cointelegraph also reported on the exit mechanics, stating that when users exit, hBTC is burned and the underlying BTC is returned to the Bitcoin network. Sui said its launch coalition includes more than 20 companies, including BitGo, Bullish, Cumberland, and FalconX.

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