The Sui Foundation said Hashi's planned staged mainnet launch has more than $500 million in capital commitments, as it seeks to let Bitcoin holders use the asset in Sui financial applications without selling it.
In an Oct. 8 announcement, the foundation said the commitments came from a coalition of more than 20 partners. It did not disclose a BTC deposit total.
Hashi is designed to connect Bitcoin to applications on the Sui network while keeping the underlying asset on Bitcoin's blockchain. A user sends BTC to an address Hashi manages; after the Bitcoin network confirms the transfer, Hashi creates hBTC on Sui. That token serves as the Sui-side representation of BTC. For a withdrawal, Hashi burns the hBTC before releasing corresponding BTC to a Bitcoin address.
The Foundation said the committed capital would support Bitcoin-related lending, borrowing and credit, along with vault strategies and structured products. It said institutions and Bitcoin holders could use BTC as collateral to seek financing without selling their holdings.
According to the announcement, Hashi requires authorization from both validators and a guardian before BTC collateral can leave the system. The Foundation says more than $1 trillion worth of Bitcoin is largely idle because institutional holders and public companies have lacked programmable financial markets with controls suited to their needs. It presents Hashi as a way to address that gap.
The project progressed from concept through devnet and testnet before building a coalition of more than 20 launch partners, the Foundation said. Anchorage Digital joined as a day-one partner, offering institutional access through tri-party collateral services and direct self-custody.
The staged mainnet rollout is planned for later in October, but the announcement gives no exact launch date. Users are expected to gain access in phases as partners finish their integrations.
