Cumberland, SwissBorg, and Fluid signed on to Hashi's institutional coalition on June 23, bringing the Sui-native Bitcoin finance protocol to more than 30 partners one month before a global testnet.
Hashi is a native primitive on the Sui blockchain that lets Bitcoin holders keep BTC secured on Bitcoin's own chain while Sui smart contracts manage the cryptographic and programmatic rights, making that capital usable as collateral for lending, borrowing, and credit origination on-chain, without bridging the coins to a wrapped token. The protocol's stated addressable pool is more than $1 trillion in dormant Bitcoin that currently sits outside DeFi. Smart contracts undergo formal verification before deployment; security firm Certora, itself a coalition member, handles that work.
July's global testnet will be the first stress test of Hashi's full design. It is scoped to institutional engineers, Sui developers, and custody partners, with the stated goal of testing integration parameters, verifying cryptographic integrity, and observing system behavior under simulated market conditions before any mainnet launch.
The three new additions each take a distinct role. Cumberland, one of the largest institutional crypto market makers, is evaluating the protocol's liquidity-provisioning frameworks for eventual on-chain market making. "Hashi introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds," the firm said.
SwissBorg, the European wealth management platform with more than one million users, is exploring how its high-net-worth Bitcoin holders can access BTC-backed borrowing and lending via Hashi. Fluid, a DeFi lending protocol, is building institutional lending markets using Bitcoin as collateral on Sui. "Bitcoin stays on its native chain while verifiable contracts make it productive as collateral," Fluid said in the announcement.
The additions bring the coalition to more than 30 partners across custody, market making, DeFi protocols, security auditing, and benchmarking. Prior members include BitGo, Blockdaemon, Bullish, Erebor Bank, FalconX, Ledger, Cobo, Fordefi, Bluefin, Suilend, Navi, Wave Digital Assets, and CF Benchmarks, among others.
No mainnet date has been set. Token and yield details remain undisclosed.
