Hashi is an institutional protocol from the Sui blockchain that lets bitcoin holders use BTC as loan collateral without moving it off the Bitcoin network. Here are the basics, per CoinDesk’s October 9, 2026 report.
| Item | Detail |
|---|---|
| Status | Mainnet slated to roll out in phases later in October 2026 |
| Backing | $500 million in capital commitments from more than 20 industry partners (pledges, not deposits already held) |
| Aimed at | Institutions first |
| Launch partner | Anchorage Digital, which plans to supply stablecoin liquidity |
| Loan terms | No rates, fees or risk parameters given |
How Hashi works
According to CoinDesk, the flow has four parts. A user locks BTC in a vault address on the Bitcoin blockchain, where a 2-of-2 multisig requires sign-off from Hashi’s validators to move the coins. Hashi then mints hBTC, a token on Sui backed by the locked BTC. Apps on Sui can use hBTC for lending, borrowing, credit markets, and real-world asset trading. To exit, the user burns hBTC on Sui, and the original bitcoin is released on the Bitcoin network.
A separate guardian layer is designed to monitor and slow suspicious collateral movements, though CoinDesk says details are limited. Certora formally verified the smart contracts, and CommonPrefix reviewed the cryptography of the multi-party computation protocol.
How it differs from wrapped BTC
Most Bitcoin DeFi today uses wrapped BTC, where a custodian holds the coins and issues a token elsewhere. Hashi keeps the coins in a vault on Bitcoin, but users still hold a Sui-side token, hBTC, and depend on Hashi’s validators to sign movements. That trades one trust model for another. It does not remove trust.
Why It Matters to You
- If you hold bitcoin through an institution, Hashi could eventually let that institution borrow against it without selling.
- Individuals shouldn’t expect access soon. It targets institutions first, and we found no confirmed retail access date.
- Mainnet is not fully live. Phased rollout is slated for later in October 2026, and no loan terms are published.
What to be careful about
The $500 million figure is commitments, not deposits or loans outstanding, and the “roughly $1 trillion” of idle bitcoin is Sui’s own estimate. Much of the launch framing comes from the project and partner quotes, and no independent usage data exists yet because mainnet had not launched when CoinDesk wrote. An audit or formal verification reduces some risk but does not guarantee safety, and the guardian layer is only lightly described. Collateralized loans can be liquidated if prices fall, and loan terms for Hashi have not been published in the sources we opened. Borrowing instead of selling can change when a tax bill arises, but tax treatment varies by country and loan structure. This is not tax advice.
Quick answers
Is Hashi live? Not fully. CoinDesk says mainnet is slated for phased rollout later in October 2026.
Can individuals use it? It targets institutions first. We found no confirmed retail access date.
Does my bitcoin leave the Bitcoin network? The BTC stays in a vault address on Bitcoin. You receive hBTC on Sui, which is the token used in apps.
What are the main risks? Smart contract bugs, validator or guardian failures, liquidation if prices drop, and dependence on Sui’s infrastructure for hBTC. This is not investment advice.
Sources
- CoinDesk: New Tech to Power Bitcoin Lending Is Set to Debut With $500 Million in Commitments (Oct 9, 2026)