What happened

Hashi, a Bitcoin finance protocol built on the Sui blockchain to enable onchain lending and borrowing of native Bitcoin, is moving to a public devnet ahead of a mainnet planned for later in 2026. The project has secured early participation commitments from BitGo, Bullish and FalconX and will let users borrow stablecoins such as USDC and USDT against native BTC collateral. The Sui Foundation page summarizing the project describes Hashi's core aims and roadmap.[4]

What the reporting points to

Public statements from early partners sketch two operational design choices that matter for lenders: native-Bitcoin collateralization and an MPC-based custody architecture for that collateral. BitGo's announcement highlights its role supporting the protocol, and partner releases from FalconX and Bullish confirm liquidity and market participation commitments that accompany the devnet push.

What lenders should take from it

Two clear implications follow for crypto-backed lending and collateral markets. First, Hashi creates a new onchain Bitcoin-backed lending market on Sui by enabling borrowing of USDC and USDT against native BTC, which expands the universe of BTC-collateralized lending supply beyond wrapped or synthetic representations. Second, the protocol's integration of multi-party computation (MPC) custody for Bitcoin collateral directly reduces custody counterparty risk in those lending flows. Those points are supported by the project's technical and partner statements: Hashi's feature set centers on native BTC lending, and the custody approach explicitly references MPC as the custodial architecture.

Why this mattered beyond the headline

The early commitments from established custodians and trading venues suggest Hashi could improve custody and liquidity plumbing for native-Bitcoin lending more broadly. BitGo's participation as a custody partner and FalconX and Bullish as liquidity or market partners bring existing institutional rails into a novel smart-contract environment, which may make it easier for other lending platforms and institutional borrowers to consider native BTC as usable collateral. Those partner statements frame their roles in support of the devnet and the protocol's objectives.

Assetify view

Hashi's devnet push reveals that teams are confident native-Bitcoin collateral markets can be implemented on smart-contract platforms while retaining institutional custody primitives like MPC. That combination matters: it directly expands BTC-backed onchain lending supply and lowers custody counterparty risk for lenders that accept native BTC collateral.