Hashi, Sui’s native Bitcoin finance primitive, has expanded its institutional coalition with Cumberland, Fluid and SwissBorg ahead of a global testnet scheduled for July 2026. The project is designed to let Bitcoin holders use BTC as collateral in on-chain financial markets while keeping the underlying asset connected to the Bitcoin network.
The Sui Foundation framed the expansion as part of a broader effort to make dormant Bitcoin capital productive through verifiable smart contract logic. Hashi aims to replace opaque centralized credit intermediaries with programmable collateral, formal verification and defined risk parameters on Sui.
New Partners Add Liquidity, Lending and Distribution
Cumberland joins the ecosystem as an institutional market maker evaluating Hashi’s structural framework. According to Sui’s announcement, the firm is preparing for eventual on-chain liquidity provisioning as the protocol moves toward broader testing.
Fluid adds DeFi lending infrastructure for Bitcoin-backed credit markets. The protocol is building toward institutional-grade lending services that could allow BTC collateral to support borrowing and credit origination on Sui.
SwissBorg brings a European wealth-management distribution angle. Sui said the platform is exploring ways to connect its network of Bitcoin holders and liquidity providers to Hashi’s borrowing and lending pathways.
The three firms join more than 20 existing Hashi partners, including BitGo, Blockdaemon, Bullish, Erebor Bank, FalconX and Ledger. The coalition is intended to cover custody, liquidity, lending and infrastructure roles around Bitcoin-backed finance.
Testnet Will Validate Bitcoin-Backed Credit Design
Hashi’s key design claim is that Bitcoin remains on its native chain while Sui smart contracts manage the rights needed to use it as collateral. The project’s public page describes the system as a decentralized Bitcoin collateralization primitive that avoids centralized balance sheets.
The Hashi page also outlines a collateral workflow built around BTC deposits, validator confirmation, smart-contract collateralization and BTC withdrawal. Sui says the system uses MPC signing, a guardian backstop and verified smart contracts to manage collateral parameters, loan terms and liquidation logic.
The July global testnet is expected to serve as a rehearsal before mainnet deployment. Sui said the sandbox will allow institutional engineers, Sui protocols, developers and custody partners to test integration parameters, simulate market stress and verify cryptographic integrity.
The broader significance is that Hashi targets Bitcoin-backed credit without synthetic workarounds. If the model works, BTC holders could access on-chain liquidity without relying on opaque centralized lenders or moving their exposure into less transparent collateral systems.
The confirmed development is that Hashi has added Cumberland, Fluid and SwissBorg to its institutional coalition ahead of July testnet activity. The next useful updates will be testnet access details, developer documentation, custody integrations and evidence that the system can support real Bitcoin-backed credit markets under stress.
