Hashi is a new Bitcoin finance tool on the Sui blockchain that aims to turn about $1 trillion of idle Bitcoin into usable financial collateral. Instead of wrapping coins or using a centralized custodian, Hashi enables holders to lock their Bitcoin on its network and use a mirrored position on Sui for lending and DeFi activities. The Sui team aims to move a significant portion of Bitcoin’s market value into verifiable, productive on-chain products while preserving Bitcoin’s security model.
In Hashi’s design, users send BTC to special Bitcoin addresses controlled by a protocol-level system, while Sui validators monitor those transactions via their Bitcoin nodes.
Once the network confirms the deposits, Hashi mints a corresponding token on Sui that represents the collateral and can be used for lending, borrowing, and structured products. When users unwind positions, the Sui-side token burns, and the original BTC flows back on Bitcoin, creating a full round trip that stays transparent on both chains.
Cumberland, SwissBorg, Fluid Join Growing Hashi Coalition
As Hashi prepares for a global testnet launch in July, Sui has announced three new institutional partners for the ecosystem: the trading firm Cumberland, the wealth platform SwissBorg, and the lending builder Fluid by Instadapp. They join more than 20 earlier partners, including custodians BitGo and Ledger, infrastructure providers like Blockdaemon, and trading desks such as Bullish and FalconX. Sui calls this group an “institutional coalition” that it hopes will support Bitcoin-backed financial markets at scale once Hashi goes live.
Each new partner plans to plug into a different part of the stack. Cumberland will focus on liquidity provision frameworks and market-making depth, which Sui notes often “separates a functional DeFi protocol from one that can’t handle real volume.”
SwissBorg intends to connect its high-net-worth client base to BTC-backed lending and borrowing products built on Hashi. Fluid, meanwhile, will work on institutional-grade lending markets that use Bitcoin collateral on Sui, aiming to broaden credit access around native BTC positions.
Hashi already runs on Sui’s devnet, where developers can test deposit flows and collateral behavior with test assets. The July global testnet is meant to widen those trials to institutions, custodians, and DeFi teams under more realistic conditions before any large capital moves on mainnet. Sui says testnet users will be able to stress-test Hashi’s cryptographic design, operational throughput, and Bitcoin–Sui messaging under simulated market swings.
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