Sui pinned down Hashi’s mainnet timeline at Basecamp: phased rollout this month, with committed capital from the launch consortium exceeding $500 million and more than 20 partners involved. Anchorage Digital also joined in.

This is not the same level of difficulty as “stuffing a stablecoin into a wallet.” Hashi’s design is: Bitcoin stays on the Bitcoin network, and after entering Hashi, hBTC is minted on the Sui side; when exiting, hBTC is burned and the native $BTC is put back on-chain. Lending, vaults, structured products, and more are all moving along this path of treating BTC as programmable collateral.

The vaults officially named include Aftermath, Concrete, Fluid, and others; the alliance also includes BitGo, Bullish, Cumberland, FalconX, and Ledger. Anchorage offers institutions two routes: Atlas for three-party settlement (geared toward clients with qualified custody needs or strict compliance requirements), and Porto for self-custody. It also plans to add its own stablecoin liquidity.

The security story is equally detailed: MPC, Guardian Layer (2-of-2), formal verification by Certora, and a cryptographic review of the MPC by CommonPrefix. Mysten Labs contributed the framework, while specific financial products are independently developed by third parties—an important distinction. Don’t mistake the infrastructure for a capital-protected investment product.

A reality check, as usual: $500 million is committed capital, not TVL already sitting on-chain. Mainnet access is rolling out in phases, not opening to everyone today. The official post doesn’t spell out vault yields, fees, or liquidation parameters either. Committed capital makes for a good story; it only counts once the money is actually deployed.

Filtering, not financial advice: $BTC For this to go from “passive” to “putting capital to work,” custody, liquidation, and institutional access need to live up to the narrative.$SUI The ecosystem now has another Bitcoin finance pipeline, but that doesn’t mean the token will immediately price it in.

This is not investment advice.