Key Highlights
- Cumberland, Fluid, and SwissBorg have joined the Hashi ecosystem ahead of its July global testnet launch.
- Hashi is designed to enable Bitcoin-backed lending and credit markets on Sui without moving BTC off the Bitcoin blockchain.
- More than 20 institutional partners are now supporting the initiative, including BitGo, Bullish, FalconX, Ledger, and Blockdaemon.
Sui, a Layer 1 blockchain, has expanded support for its Bitcoin finance initiative, Hashi, with the addition of digital asset market maker Cumberland, DeFi lending protocol Fluid, and wealth management platform SwissBorg ahead of the project’s global testnet launch scheduled for July.
In an X post on Tuesday, the firm announced the integration, which aims to strengthen Hashi’s growing institutional coalition as the protocol prepares to open testing for Bitcoin-backed financial products on Sui.
The initiative is designed to address one of crypto’s largest inefficiencies: the vast amount of Bitcoin capital that remains largely dormant despite representing more than $1 trillion in value.
How Hashi plans to put Bitcoin to work
Hashi aims to enable Bitcoin holders to access lending, borrowing, and credit markets while keeping BTC secured on the native Bitcoin blockchain. Unlike previous models that relied heavily on centralized intermediaries such as Celsius, Voyager, and Genesis, Hashi uses verifiable smart contract infrastructure to create Bitcoin-backed financial services.
According to Sui, the architecture separates Bitcoin custody from financial execution. While BTC remains on Bitcoin’s network, Sui smart contracts manage the cryptographic rights that allow the asset to be used as collateral. The contracts undergo formal verification processes designed to mathematically prove that they behave as intended.
“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn’t seen before,” said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui.
Abiodun added that Bitcoin could become one of the largest sources of collateral in global finance as more financial activity moves onchain, with Hashi providing the infrastructure needed to make that vision possible on Sui.
Cumberland, Fluid, and SwissBorg join the ecosystem
The latest expansion brings three influential firms into the Hashi ecosystem.
Cumberland, one of the crypto industry’s largest institutional market makers, will evaluate Hashi’s framework and explore future onchain liquidity provisioning opportunities.
SwissBorg, which serves more than one million users through its digital wealth management platform, is exploring ways to connect its network of Bitcoin holders and liquidity providers to Bitcoin-backed borrowing and lending markets.
Meanwhile, Fluid, a decentralized lending and trading protocol, is preparing infrastructure that could eventually support institutional-grade Bitcoin-backed credit markets on Sui.
The three firms join a large network of infrastructure providers, custodians, lenders, and market participants already supporting Hashi. Participants supporting Hashi, including BitGo, Blockdaemon, Bullish, FalconX, Ledger, Navi, Suilend, Scallop, Bluefin, and Wave Digital Assets.
Together, the coalition is working toward the development of a native Bitcoin financial ecosystem on Sui that can support lending, borrowing, liquidity provisioning, and structured credit markets.
July testnet marks next development phase
The upcoming global testnet is expected to be the next major step before a potential mainnet deployment.
According to the Sui Foundation, institutional engineers, developers, custody providers, and ecosystem partners will use the testnet environment to evaluate integration frameworks, test system performance under simulated market conditions, and verify the protocol’s security assumptions.
The testing phase is intended to ensure the infrastructure can support institutional-scale Bitcoin finance once deployed to production. Technical documentation and testnet access details are expected to be made available through Sui’s Hashi portal ahead of launch.
Bitcoin finance gains attention
Hashi launches as competition intensifies among blockchain networks seeking to attract Bitcoin liquidity into decentralized finance.
By creating infrastructure that allows Bitcoin to serve as verifiable collateral without leaving its native blockchain, Sui is positioning Hashi as a foundational layer for the next generation of Bitcoin-backed financial markets.
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