Sui’s Hashi bridge records 1.1 million Bitcoin deposits

Sui’s Hashi bitcoin lending protocol has recorded over 1.1 million deposits and 165,000 withdrawals within three weeks of its testnet launch on July 22. The protocol, introduced by the Sui Foundation, aims to allow Bitcoin to function as collateral in onchain lending and credit markets.

Unlike traditional wrapped-asset bridges, Hashi utilizes a model where native Bitcoin remains on its own chain. When users deposit BTC, the protocol mints hBTC, a representative token used for programmable collateral. This approach is designed to mitigate the security risks associated with synthetic wrapped tokens, which have been subject to significant exploits in the past.

More than 25 institutions, including Bitgo and Cumberland, are currently stress-testing the system. The project is moving toward an eventual mainnet rollout, provided its Guardian Layer passes necessary security reviews.