Sui to launch Hashi, a bitcoin lending protocol, with $500 million in commitments

CoinDesk reports that Sui is preparing to launch Hashi, an institutional protocol that lets holders post bitcoin as collateral without taking it off the Bitcoin network, with the mainnet rolling out in phases later this month. Bitcoin Insider, citing CoinDesk and UNLOCK Blockchain, describes the project as Hashi Network and calls the $500 million commitments already secured. CoinDesk says the capital comes from a coalition of more than 20 industry partners, and that these are pledges rather than deposits sitting in the system, so that markets open with liquidity instead of starting empty. Bitcoin Insider attributes the same figure to reporting from CoinDesk and UNLOCK Blockchain and says the participants are likely institutional lenders, custodians or liquidity providers, which it presents as inference rather than a named list. CoinDesk quotes Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, saying Hashi is launching with serious capital and a coalition of industry leaders because institutions want to put bitcoin to work without giving up the protections they require. What is still unclear is the composition of the coalition, the phase schedule, and whether the dormant institutional bitcoin Hashi targets is accessible on the stated terms; CoinDesk describes a target pool of roughly $1 trillion in dormant institutional bitcoin without naming holders.