Sui launches Hashi testnet on Bitcoin, using native BTC as DeFi collateral

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PANews July 22 news: Sui officially announced that its Hashi Bitcoin cross-chain solution released in March this year has now launched on the testnet, allowing users to use native BTC on Sui as programmable collateral without withdrawing BTC from the Bitcoin mainnet. The official said Hashi uses a 2-of-2 multisignature mechanism via the Guardian Layer, with BTC-escrowed assets managed by signatures jointly produced by Hashi validators and an independent guardian. Sui said that institutions can build applications such as BTC-collateralized lending, yield-bearing products, and derivatives based on Hashi; the first batch of partners includes Wave Digital. It has also obtained a legal analysis opinion issued by Fenwick West, which believes that Hashi’s deposit and withdrawal process should not constitute a taxable event under U.S. law.

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