Hashi Unlocks $1.4T in Programmable BTC Collateral on Sui

Hashi, a Bitcoin finance native primitive on Sui developed by Mysten Labs, is making significant strides in bringing BTC as programmable collateral without moving it from its native chain. The significance of this development lies in its ability to make native $BTC programmable collateral on Sui while the Bitcoin stays on its own chain.

Hashi's devnet launched in March, with global testnet live July 22 and reporting 2M+ test deposits. Over 25 partners are testing, including BitGo, Cumberland, FalconX, Bullish, SwissBorg, Fluid, Ledger, and Blockdaemon.

The model focuses on BTC-backed lending and stablecoin issuance, with yield from interest spreads rather than token inflation. The mainnet is the next milestone for Hashi, which could become foundational plumbing for Sui DeFi protocols like Scallop, Navi, and Suilend, connecting Bitcoin liquidity to onchain credit markets.

Risks remain around MPC security, oracle dependency via CF Benchmarks, and regulatory clarity, but the primitive offers a credible path to productive Bitcoin collateral.