Sui promised Hashi in October with $500 million pledged. Its own page still says testnet
Hashi is Sui's plan to let native bitcoin back loans on Sui. The Sui Foundation said mainnet would go live in October. On November 2, the official Hashi page still read "Now on Sui Testnet".
Key points
- On October 8, 2026, the Sui Foundation said Hashi mainnet would go live later that month, backed by more than $500 million in capital commitments.
- A Sui post on October 29 said mainnet was still "expected this month". On November 2, the Hashi page still said it was on testnet.
- Hashi keeps BTC on the Bitcoin network and mints hBTC on Sui. BTC is released only with sign-off from both Hashi validators and a guardian.
What DeepSea's data shows
DeepSea's perpetual futures tracker shows traders leaning heavily long on SUI. Tracked positions held about $19.09 million in SUI longs against $1.41 million in shorts, so roughly 93% of positions were long. That is above the 86% long share across all 150 assets DeepSea tracks. DeepSea's data does not show why traders are positioned this way, and nothing in it links the positions to Hashi.
Data: DeepSea (desea.io), checked November 1, 2026, 11:25 p.m. ET.
What was promised
At Sui Basecamp on October 8, 2026, the Sui Foundation said Hashi mainnet would go live later this month, in a phased rollout. It said more than $500 million had been committed by a launch coalition of more than 20 firms, and that Anchorage Digital had joined as a day-one partner. The post closed with a promise: at the end of the month, the rehearsal ends.
On October 29, in a post about Brazilian exchange Mercado Bitcoin, Sui wrote that Hashi's global testnet was live and mainnet was expected that month.
When LC Insight checked early on November 2 (UTC), the official Hashi page still carried the label "Now on Sui Testnet" at the top. A line at the bottom of the same page still said Hashi is available on devnet, an earlier test stage. We found no official launch post on the Sui blog. The launch may have slipped, or the page may simply not have been updated. Either way, Sui has not yet published confirmation that mainnet is live.
How Hashi is meant to work
Hashi lets holders use bitcoin as collateral on Sui without wrapping it through a company's balance sheet. BTC stays on the Bitcoin network. When it enters Hashi, a token called hBTC is minted on Sui against the deposit. When the user exits, the hBTC is burned and the BTC is released on Bitcoin.
Security is layered. Sui says Hashi combines MPC (multi-party computation, where many parties jointly control a key without any one holding it), Sui smart contracts and a Guardian Layer. The October 8 post says BTC sits under a 2-of-2 structure that needs sign-off from both Hashi validators and the guardian. The guardian can slow or stop suspicious withdrawals. The Hashi page adds that funds move only when a threshold of validators produces a valid signature, so no single validator can release BTC. Sui says Certora formally verified the contracts and CommonPrefix reviewed the cryptography of the MPC protocol.
The Hashi page lists two trust assumptions: the Sui validator set and the smart contract governing each loan. It also lists custody-layer bitcoin insurance as coming soon.
Sui lists the intended uses: borrowing stablecoins against BTC without selling it, lending, bitcoin-backed loans and bonds, automated vaults, structured products and treasury management for companies that hold bitcoin. The Hashi page says collateral calls and liquidations run automatically on price oracle updates, under terms set by each lending venue. That puts a lot of weight on oracle quality: a bad price feed could trigger liquidations of real bitcoin positions.
Who is involved
Sui names BitGo, Bullish, Cumberland, FalconX and Ledger among the custodians, liquidity providers and wallets building around Hashi. Vaults are to be run by providers including Aftermath, Concrete and Fluid. Sui stresses that Mysten Labs built the framework and that all financial products on it come from third parties.
Anchorage Digital plans two routes in. Institutions bound by strict custody rules would use Atlas, its tri-party settlement and collateral system. Others could connect through Porto, its self-custody wallet. Anchorage also plans to supply stablecoin liquidity.
Mysten Labs co-founder Adeniyi Abiodun framed the pitch around institutions that want yield from bitcoin while keeping safeguards: they "want to put Bitcoin to work without giving up the protections they require".
Sui also cites law firm Fenwick's view that Hashi deposits and redemptions should not be taxable events under US law.
What the $500 million is, and is not
Sui's figures are commitments and targets, not deposits. The $500 million is capital promised by partners, and the FAQ in Sui's October 8 post describes it as giving the network the potential to launch with significant liquidity. The October 8 post also says more than $1 trillion in bitcoin sits largely idle. Mercado Bitcoin, with 4.5 million clients, is only exploring a Hashi integration so far.
The chart below shows how tracked traders were positioned on SUI itself as the deadline passed, using DeepSea data.
SUI perpetual futures positions tracked by DeepSea
US$ million
Checked November 1, 2026, 11:28 p.m. ET. Source: DeepSea
Timeline
Sui says Hashi mainnet goes live later in October with $500M+ committed; Anchorage joins
Sui says Hashi mainnet still expected this month; Mercado Bitcoin exploring integration
Hashi page still reads "Now on Sui Testnet"
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think a few days' slip on a system that will custody bitcoin is not a scandal. A careful, staged start is better than a rushed one. But Sui set a public deadline, and it should say clearly whether it met it.
- The 2-of-2 design means the guardian is a real control point. That helps stop theft, and it also means a single party can block withdrawals. Users should learn who runs the guardian and under what rules before depositing.
- The $500 million is a pledge, not locked value. The number that matters will be BTC actually deposited in the first weeks, which anyone can check onchain once mainnet opens.
What's next
- An official Sui announcement that Hashi mainnet is live
- Actual BTC deposited and hBTC minted after launch
- Who operates the guardian and what triggers it
- Details on the promised custody-layer insurance
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
