Hashi Protocol Launches Bitcoin Lending on Sui with $500M Commitments

Key Facts

1The Sui blockchain is launching Hashi, a protocol allowing users to use Bitcoin as collateral without moving it off the Bitcoin network.

2The new protocol has secured $500 million in commitments at its debut.

The Sui blockchain is launching Hashi, a protocol that allows users to use Bitcoin as collateral without moving it off the native Bitcoin network. Reuters reported that the new protocol has secured $500 million in capital commitments at its debut from a coalition of over 20 industry partners.

The protocol functions by locking Bitcoin in secure addresses on its original ledger while minting hBTC tokens on Sui for use in credit markets and trading. This initiative aims to provide institutional holders with a compliant way to leverage Bitcoin assets in decentralized finance while maintaining rigorous security standards, following formal verification of the protocol's smart contracts.