Sui is preparing to begin a phased rollout of Hashi mainnet later in October, backed by more than $500 million in capital commitments and a coalition of over 20 custody, liquidity and infrastructure partners. According to the Sui Foundation’s official announcement, the committed capital is intended to support Bitcoin-backed lending, borrowing, credit, vaults and structured products as Hashi moves from testnet into production. Anchorage Digital has joined the group as a day-one launch partner.
The $500 million figure represents commitments from participants rather than assets already deposited into Hashi. Sui says capital will support markets and vaults run by providers including Aftermath, Concrete and Fluid as integrations progressively come online. The commitments establish potential launch liquidity, but actual TVL, borrowing demand and deployed BTC will only become measurable after the production rollout begins.
Anchorage Opens Two Institutional Routes Into Hashi
Anchorage Digital plans to provide institutions with two ways to access the infrastructure. Its Atlas platform will support tri-party collateral arrangements for companies requiring qualified custody, settlement and compliance controls, while its Porto institutional self-custody wallet will provide a more direct route for funds, miners, market makers and other crypto-native participants. Anchorage also plans to provide stablecoin liquidity. The integration broadens institutional access without making Anchorage the sole custodian or operator of Hashi.
The rollout advances the institutional buildout already visible during Hashi’s earlier testnet phase. Subsequent testnet data cited in Hashi’s approach toward mainnet showed more than 1.1 million deposit events and roughly 165,000 withdrawals. Those figures measure test-network interactions rather than BTC value or evidence of production demand, making the mainnet transition a separate adoption milestone.
Hashi’s architecture also requires a more precise definition of “native Bitcoin.” Users send BTC to unique Taproot deposit addresses on Bitcoin. After validators confirm the deposit, Hashi mints an equivalent amount of hBTC on Sui, where that asset can interact with applications. On withdrawal, hBTC is burned and BTC is released to a Bitcoin address. The underlying collateral stays on Bitcoin, while hBTC acts as its programmable representation inside Sui.
MPC and Guardian Controls Secure BTC Movements
Hashi distributes signing authority through a threshold MPC system operated by participating Sui validators. Under the normal withdrawal path, Bitcoin movement requires both the Hashi MPC signature and authorization from a separate Guardian layer. The 2-of-2 structure is designed to prevent either the validator committee or Guardian from independently moving deposited BTC under ordinary conditions.
The design also includes a recovery path. Hashi deposit addresses contain a Taproot script allowing the MPC-controlled Hashi key to move BTC without the Guardian after a 60-day relative timelock, providing an escape mechanism if the Guardian becomes unavailable. Sui says Certora formally verified the smart contracts and CommonPrefix reviewed the MPC protocol. Those controls reduce specific custody and signing risks, but they do not eliminate smart-contract, validator, Guardian or application-level exposure.
Hashi enters a market where other institutions are also trying to make Bitcoin productive without forcing holders to sell it. Circle, for example, recently introduced Bitcoin-backed USDC borrowing through Morpho, although that model relies on cirBTC and conventional custody infrastructure. Hashi differentiates itself through Bitcoin-side collateral controlled by its MPC and Guardian architecture while financial applications execute through Sui.
Access will open progressively as partners complete their integrations rather than through a single network-wide activation moment. The October launch will establish production infrastructure, but the stronger indicators will be native BTC actually deposited, hBTC circulating on Sui, vault utilization, borrowing activity and recurring institutional settlement once the committed capital begins moving into live markets.