Sui’s Hashi Bitcoin-finance project has reached testnet, with more than 20 launch partners reported. But the Foundation’s announcement confirms neither the widely cited $500 million figure nor deployed funds, live lending or mainnet availability.
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Sui’s Hashi aims to let users put Bitcoin to work as collateral in Sui-based finance, backed by more than $500 million in commitments from over 20 firms. But those pledges are not deposits—and custody, security and reliable withdrawals still need to be proven in live use.
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Hashi has launched a Sui testnet for a native Bitcoin-backed lending system aimed at institutional credit markets, using actual BTC collateral, hBTC receipts, and a Guardian Layer for risk control. The pitch: make Bitcoin productive without turning it into another wrapped-token gimmick.
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Sui has launched the Hashi testnet to build native Bitcoin finance onchain, including BTC-backed lending, borrowing, and credit products. With a new Guardian Layer for security and a debated tax angle, the real question is whether this can move from slick pitch deck to real production.
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