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Sui just pulled in three more institutional names for Hashi. Cumberland, SwissBorg, and Fluid are the latest to join the platform, which is built around one core idea: stop letting Bitcoin sit idle and start putting it to work on-chain.
The pitch isn’t subtle. Bitcoin carries roughly $1.2 trillion in market cap. Most of that capital does basically nothing — it sits in cold storage or on exchanges, generating no yield, backing no credit, fueling no liquidity. Hashi wants to change that by giving institutions a verifiable, on-chain framework for Bitcoin-backed financial products. Not synthetic wrappers. Not centralized IOU structures. Actual smart-contract-driven collateral, with Bitcoin staying on its native chain the whole time. Sui’s technology handles the bridge — keeping BTC secure on its own blockchain while smart contracts unlock its use as productive collateral on the Sui network. The global testnet is set to go live in July.
Who’s Joining and What They’ll Do
Each of the three new entrants has a pretty distinct role in the Hashi ecosystem. Cumberland, which operates as a leading market maker, will dig into the protocol’s frameworks for liquidity provisioning. That’s a big deal — market-making depth is often what separates a functional DeFi protocol from one that looks good on paper but can’t handle real volume. SwissBorg is coming in from a different angle. The platform plans to connect its high-net-worth client network with Hashi’s Bitcoin-backed lending and borrowing products. And Fluid will build institutional-grade lending markets specifically designed to expand Bitcoin-backed credit access on Sui.
Three different functions. One shared bet that Bitcoin-backed finance is worth building for.
It’s worth noting the broader coalition Sui has assembled around Hashi. BitGo, Blockdaemon, and Ledger are in as infrastructure providers. Bullish and FalconX are on board as liquidity suppliers. AlphaLend and Fluid sit on the DeFi protocol side, focused on capital-efficient systems for both retail and institutional users. Cobo is also named as a custody partner. That’s a lot of firepower for a product that hasn’t hit mainnet yet.
What the Testnet Actually Tests
July’s global testnet launch isn’t just a formality. It’s probably the most important milestone Hashi faces before any real capital moves through the system. Institutions and developers will get a controlled sandbox to test integration parameters, stress-test the cryptographic security, and validate the infrastructure before anything goes live on mainnet. Custody partners and institutional engineers will be able to poke at the system’s performance under simulated market conditions — the kind of pressure-testing that tends to expose edge cases no whitepaper ever anticipated.
Technical documentation and configuration details for accessing the testnet will be available on Sui’s website. No specific date beyond “July” was given for when exactly that goes live.
The framework Hashi is building aims to replace what the source calls “existing synthetic workarounds” — the kind of centralized credit intermediaries that have historically created systemic risk in crypto markets. Anyone who watched major lending platforms collapse in previous market cycles knows what that risk looks like when it materializes. Hashi’s on-chain, verifiable approach is meant to cut out that single point of failure.
Bigger Picture for Bitcoin in DeFi
Bitcoin’s role in decentralized finance has always been a bit awkward. The asset is massive, the community is enormous, but BTC itself wasn’t built for programmability. Wrapped versions exist, but they carry custodial risk. Synthetic versions exist, but they carry their own complexity and opacity. Sui’s approach with Hashi — keeping Bitcoin on its native chain while using smart contracts to unlock collateral value — is a cleaner architectural answer, at least in theory. Whether it works at scale is what July’s testnet is supposed to start answering.
Sui’s strategy here isn’t just about one product. It’s about positioning the network as the go-to layer for Bitcoin-backed financial applications — a standard, not a workaround. Builders would get customizable, fully verifiable financial tools. Institutions would get the transparency and security they need to actually deploy capital. That’s the pitch, anyway.
The testnet will probably tell us more than any press release can. Cumberland’s liquidity depth, SwissBorg’s high-net-worth flow, Fluid’s lending markets — all of it gets stress-tested before mainnet. Sui says technical documentation will be on its website when the time comes.
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Frequently Asked Questions
What is Hashi and what does it do?
Hashi is a Sui-based platform that provides a verifiable, on-chain framework for Bitcoin-backed financial products, allowing Bitcoin to be used as collateral through smart contracts while staying on its native blockchain.
Which companies recently joined the Hashi ecosystem?
Cumberland, SwissBorg, and Fluid are the latest additions, joining existing partners including BitGo, Blockdaemon, Ledger, Bullish, FalconX, AlphaLend, and Cobo ahead of the July global testnet launch.
