[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-hashi-testnet-launch-advancing-native-bitcoin-finance-on-sui-en":3,"ArticleBody_6i9fb440iLLG0MvWxcsmPb9DMxAASPm2Ce2Xw0H5Dd8":218},{"article":4,"relatedArticles":189,"locale":65},{"id":5,"title":6,"slug":7,"content":8,"htmlContent":9,"excerpt":10,"category":11,"tags":12,"metaDescription":10,"wordCount":13,"readingTime":14,"publishedAt":15,"sources":16,"sourceCoverage":57,"transparency":59,"seo":62,"language":65,"featuredImage":66,"featuredImageCredit":67,"isFreeGeneration":71,"trendSlug":72,"trendSnapshot":73,"niche":82,"geoTakeaways":85,"geoFaq":94,"entities":104},"6a6274b72456da83d8bf6484","Hashi Testnet Launch: Advancing Native Bitcoin Finance on Sui","hashi-testnet-launch-advancing-native-bitcoin-finance-on-sui","[Bitcoin](\u002Fentities\u002F6a0a70021f0b27c1f426a35c-bitcoin) is the leading digital store of value, with a market cap over $1 trillion driven mainly by buy-and-hold demand. [1][3]  \nMost of that capital, however, does not access programmable finance.\n\nHashi testnet on Sui targets this gap by letting **native BTC** act as on-chain collateral without wrapping or bridging. [1][3]  \nFor institutions with strict security, tax, and compliance rules, Hashi is a controlled environment to test BTC‑backed credit and yield strategies ahead of mainnet. [1][4]\n\n💡 **Key takeaway:** Hashi testnet is an institutional-grade sandbox for turning dormant BTC into programmable financial collateral. [1][3]\n\n---\n\n## The Case for Native Bitcoin Finance and Hashi’s Role\n\nBitcoin’s first chapter has been about money: scarcity, decentralization, and long-term holding, supporting a $1 trillion+ market cap. [1][3]  \nThe next chapter is **utility**—using BTC as collateral for lending, liquidity, and structured products while preserving native Bitcoin security. [1]\n\nHistorically, BTC in DeFi has relied on:\n\n- **Wrapped tokens** (e.g., [WBTC](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FWBTC)) representing custodied BTC on other chains  \n- **Cross-chain bridges** that lock BTC on Bitcoin and mint representations elsewhere\n\nFor institutions, these models create major risk:\n\n- Wrapped BTC depends on centralized custodians whose governance and controls can change, highlighted by 2024 WBTC custody concerns. [2]  \n- Bridges and messaging protocols have suffered repeated, multi‑billion‑dollar exploits. [2]\n\n⚠️ **Key point:** For many institutional risk committees, bridge and custodian exposure is why BTC is still off-limits as DeFi collateral. [2][3]\n\n**Hashi’s alternative:**\n\n- Uses **[threshold cryptography](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThreshold_cryptosystem)** so Sui smart contracts can control Bitcoin UTXOs directly on Bitcoin. [2][4]  \n- Avoids wrapped-token custody stacks and generalized bridges; BTC stays in Bitcoin-native addresses with verifiable control. [2]\n\nThis lets:\n\n- Funds test operational flows while BTC never leaves Bitcoin. [1][2]  \n- Developers, custodians, and institutions prototype BTC-backed lending, credit, and structured strategies on testnet before mainnet. [1][3]\n\n📊 **Data point:** Over $1 trillion in BTC largely sits idle; the potential market for native-BTC collateralization dwarfs current on-chain usage. [1][3]\n\n---\n\n## Inside Hashi Testnet: Architecture, [Guardian Layer](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThe_Layers), and Sui\n\nHashi runs on Sui, using its high throughput and low latency to support BTC-backed apps needing fast finality and composability. [1][3]  \nThis matters for institutional use cases such as:\n\n- Intraday lending and liquidity  \n- Margin and collateral management  \n- Automated rebalancing and risk controls [3]\n\n### Guardian Layer: Core Security Design\n\nAt the center of Hashi’s model is the **Guardian Layer**, a defense-in-depth architecture for BTC collateral. [1][4]\n\n- Every BTC deposit is locked in a **2-of-2 multisig** on Bitcoin:  \n  - One key: Hashi validator committee  \n  - One key: [independent guardian](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThe_Guardian) [2][4]  \n- Neither party can move funds alone, enforcing continuous checks and reducing single points of failure. [2]\n\n💼 **Guardian Layer in practice:**\n\n- Continuous on-chain monitoring of BTC collateral positions [1][4]  \n- A secondary capital backstop to mitigate extreme-loss scenarios  \n- Operational separation of validators and guardians to reduce correlated risk [1]\n\nThis structure aligns with institutional collateral standards:\n\n- Segregated controls and auditable flows  \n- Transparent, on-chain collateral behavior  \n- DeFi programmability for credit, yield, and structured products around BTC positions [1][3][1]\n\n**Ecosystem and partners:**\n\n- Over **25 institutional partners** across custody, liquidity, lending, and capital markets are integrating and stress-testing on Hashi testnet. [2][4]  \n- Their participation reflects demand for BTC-backed products that pass both technical and compliance review. [1][3]\n\n**Tax treatment:**\n\n- **[Fenwick & West](https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FFenwick_%26_West)** concluded Hashi’s deposit and redemption mechanics should not be a taxable event under U.S. federal income tax law, easing a key barrier for U.S. institutions. [1][2][4]\n\n⚡ **Key takeaway:** Hashi unites Sui’s performance, a guardian-enforced security layer, and favorable tax analysis—the three pillars many institutions require to allocate real BTC on-chain. [1][2][4]\n\n---\n\n## From Testnet to Adoption: Institutional Use Cases and Market Impact\n\nInstitutional Bitcoin interest has surged via spot ETFs, treasuries, and clearer regulation, yet most BTC still avoids transparent on-chain credit markets. [1][3]  \nHashi testnet offers a route from passive holding to active, risk-managed deployment.\n\nHashi enables institutions to explore:\n\n- **Overcollateralized loans** against native BTC  \n- **Institutional credit lines** with BTC collateral and programmable covenants on Sui  \n- **BTC-backed structured notes** combining yield and downside protection  \n- **Composable strategies** that pair BTC collateral with Sui-native DeFi primitives [2][3]\n\n**Early institutional roadmaps:**\n\n- Wave Digital Assets, an SEC-registered adviser, is a day-one partner. [1][4]  \n  - It has a **three-year roadmap** to tokenize Bitcoin-yield bond products on Sui via Hashi, targeting compliant, yield-bearing BTC instruments for traditional portfolios. [1][4]\n\n- A regional bank’s digital asset team is testing:  \n  - BTC-secured liquidity lines for corporate clients  \n  - Intraday monitoring and automated margining  \n  - Full validation of workflows, risk models, and audit trails before using production capital. [1][3]\n\n**Path to mainnet adoption will likely include:**\n\n1. Performance and security audits of threshold cryptography and the Guardian Layer [2][4]  \n2. Regulatory and tax comfort for U.S. and MiCA-aligned institutions [1][3]  \n3. Custody and trading integrations to connect existing BTC treasuries to Hashi rails [1]  \n4. Scaled product rollout: BTC credit markets, structured products, and syndicated offerings [1][3]\n\n📊 **Key point:** Hashi testnet already acts as the coordination hub where technical, legal, and market stakeholders align before mainnet. [1][3]\n\n---\n\n## Conclusion: Positioning for Native Bitcoin Finance\n\nHashi’s launch on Sui is a key step in turning Bitcoin from a static $1 trillion store of value into programmable, institutional-grade collateral. [1][3]  \nBy keeping BTC on Bitcoin, adding Guardian-backed security, and using Sui’s high-performance rails, Hashi offers a credible base for transparent credit and yield markets around native BTC. [1][2][4]\n\nBuilders, custodians, and financial institutions can join Hashi testnet now to design BTC-backed applications, validate risk and compliance assumptions, and prepare production-ready integrations—positioning themselves at the forefront of native Bitcoin finance. [1][3]","\u003Cp>\u003Ca href=\"\u002Fentities\u002F6a0a70021f0b27c1f426a35c-bitcoin\">Bitcoin\u003C\u002Fa> is the leading digital store of value, with a market cap over $1 trillion driven mainly by buy-and-hold demand. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Cbr>\nMost of that capital, however, does not access programmable finance.\u003C\u002Fp>\n\u003Cp>Hashi testnet on Sui targets this gap by letting \u003Cstrong>native BTC\u003C\u002Fstrong> act as on-chain collateral without wrapping or bridging. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Cbr>\nFor institutions with strict security, tax, and compliance rules, Hashi is a controlled environment to test BTC‑backed credit and yield strategies ahead of mainnet. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp>💡 \u003Cstrong>Key takeaway:\u003C\u002Fstrong> Hashi testnet is an institutional-grade sandbox for turning dormant BTC into programmable financial collateral. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fp>\n\u003Chr>\n\u003Ch2>The Case for Native Bitcoin Finance and Hashi’s Role\u003C\u002Fh2>\n\u003Cp>Bitcoin’s first chapter has been about money: scarcity, decentralization, and long-term holding, supporting a $1 trillion+ market cap. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Cbr>\nThe next chapter is \u003Cstrong>utility\u003C\u002Fstrong>—using BTC as collateral for lending, liquidity, and structured products while preserving native Bitcoin security. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp>Historically, BTC in DeFi has relied on:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>\u003Cstrong>Wrapped tokens\u003C\u002Fstrong> (e.g., \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FWBTC\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">WBTC\u003C\u002Fa>) representing custodied BTC on other chains\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Cross-chain bridges\u003C\u002Fstrong> that lock BTC on Bitcoin and mint representations elsewhere\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>For institutions, these models create major risk:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Wrapped BTC depends on centralized custodians whose governance and controls can change, highlighted by 2024 WBTC custody concerns. \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Bridges and messaging protocols have suffered repeated, multi‑billion‑dollar exploits. \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>⚠️ \u003Cstrong>Key point:\u003C\u002Fstrong> For many institutional risk committees, bridge and custodian exposure is why BTC is still off-limits as DeFi collateral. \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp>\u003Cstrong>Hashi’s alternative:\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Uses \u003Cstrong>\u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThreshold_cryptosystem\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">threshold cryptography\u003C\u002Fa>\u003C\u002Fstrong> so Sui smart contracts can control Bitcoin UTXOs directly on Bitcoin. \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Avoids wrapped-token custody stacks and generalized bridges; BTC stays in Bitcoin-native addresses with verifiable control. \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>This lets:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Funds test operational flows while BTC never leaves Bitcoin. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Developers, custodians, and institutions prototype BTC-backed lending, credit, and structured strategies on testnet before mainnet. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>📊 \u003Cstrong>Data point:\u003C\u002Fstrong> Over $1 trillion in BTC largely sits idle; the potential market for native-BTC collateralization dwarfs current on-chain usage. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fp>\n\u003Chr>\n\u003Ch2>Inside Hashi Testnet: Architecture, \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThe_Layers\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">Guardian Layer\u003C\u002Fa>, and Sui\u003C\u002Fh2>\n\u003Cp>Hashi runs on Sui, using its high throughput and low latency to support BTC-backed apps needing fast finality and composability. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Cbr>\nThis matters for institutional use cases such as:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Intraday lending and liquidity\u003C\u002Fli>\n\u003Cli>Margin and collateral management\u003C\u002Fli>\n\u003Cli>Automated rebalancing and risk controls \u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Ch3>Guardian Layer: Core Security Design\u003C\u002Fh3>\n\u003Cp>At the center of Hashi’s model is the \u003Cstrong>Guardian Layer\u003C\u002Fstrong>, a defense-in-depth architecture for BTC collateral. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Every BTC deposit is locked in a \u003Cstrong>2-of-2 multisig\u003C\u002Fstrong> on Bitcoin:\n\u003Cul>\n\u003Cli>One key: Hashi validator committee\u003C\u002Fli>\n\u003Cli>One key: \u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThe_Guardian\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">independent guardian\u003C\u002Fa> \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003C\u002Fli>\n\u003Cli>Neither party can move funds alone, enforcing continuous checks and reducing single points of failure. \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>💼 \u003Cstrong>Guardian Layer in practice:\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Continuous on-chain monitoring of BTC collateral positions \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>A secondary capital backstop to mitigate extreme-loss scenarios\u003C\u002Fli>\n\u003Cli>Operational separation of validators and guardians to reduce correlated risk \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>This structure aligns with institutional collateral standards:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Segregated controls and auditable flows\u003C\u002Fli>\n\u003Cli>Transparent, on-chain collateral behavior\u003C\u002Fli>\n\u003Cli>DeFi programmability for credit, yield, and structured products around BTC positions \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>\u003Cstrong>Ecosystem and partners:\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cul>\n\u003Cli>Over \u003Cstrong>25 institutional partners\u003C\u002Fstrong> across custody, liquidity, lending, and capital markets are integrating and stress-testing on Hashi testnet. \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Their participation reflects demand for BTC-backed products that pass both technical and compliance review. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>\u003Cstrong>Tax treatment:\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cul>\n\u003Cli>\u003Cstrong>\u003Ca href=\"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FFenwick_%26_West\" class=\"wiki-link\" target=\"_blank\" rel=\"noopener\">Fenwick & West\u003C\u002Fa>\u003C\u002Fstrong> concluded Hashi’s deposit and redemption mechanics should not be a taxable event under U.S. federal income tax law, easing a key barrier for U.S. institutions. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>⚡ \u003Cstrong>Key takeaway:\u003C\u002Fstrong> Hashi unites Sui’s performance, a guardian-enforced security layer, and favorable tax analysis—the three pillars many institutions require to allocate real BTC on-chain. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fp>\n\u003Chr>\n\u003Ch2>From Testnet to Adoption: Institutional Use Cases and Market Impact\u003C\u002Fh2>\n\u003Cp>Institutional Bitcoin interest has surged via spot ETFs, treasuries, and clearer regulation, yet most BTC still avoids transparent on-chain credit markets. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Cbr>\nHashi testnet offers a route from passive holding to active, risk-managed deployment.\u003C\u002Fp>\n\u003Cp>Hashi enables institutions to explore:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>\u003Cstrong>Overcollateralized loans\u003C\u002Fstrong> against native BTC\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Institutional credit lines\u003C\u002Fstrong> with BTC collateral and programmable covenants on Sui\u003C\u002Fli>\n\u003Cli>\u003Cstrong>BTC-backed structured notes\u003C\u002Fstrong> combining yield and downside protection\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Composable strategies\u003C\u002Fstrong> that pair BTC collateral with Sui-native DeFi primitives \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>\u003Cstrong>Early institutional roadmaps:\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cul>\n\u003Cli>\n\u003Cp>Wave Digital Assets, an SEC-registered adviser, is a day-one partner. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cul>\n\u003Cli>It has a \u003Cstrong>three-year roadmap\u003C\u002Fstrong> to tokenize Bitcoin-yield bond products on Sui via Hashi, targeting compliant, yield-bearing BTC instruments for traditional portfolios. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003C\u002Fli>\n\u003Cli>\n\u003Cp>A regional bank’s digital asset team is testing:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>BTC-secured liquidity lines for corporate clients\u003C\u002Fli>\n\u003Cli>Intraday monitoring and automated margining\u003C\u002Fli>\n\u003Cli>Full validation of workflows, risk models, and audit trails before using production capital. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>\u003Cstrong>Path to mainnet adoption will likely include:\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Col>\n\u003Cli>Performance and security audits of threshold cryptography and the Guardian Layer \u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Regulatory and tax comfort for U.S. and MiCA-aligned institutions \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Custody and trading integrations to connect existing BTC treasuries to Hashi rails \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003C\u002Fli>\n\u003Cli>Scaled product rollout: BTC credit markets, structured products, and syndicated offerings \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Fol>\n\u003Cp>📊 \u003Cstrong>Key point:\u003C\u002Fstrong> Hashi testnet already acts as the coordination hub where technical, legal, and market stakeholders align before mainnet. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fp>\n\u003Chr>\n\u003Ch2>Conclusion: Positioning for Native Bitcoin Finance\u003C\u002Fh2>\n\u003Cp>Hashi’s launch on Sui is a key step in turning Bitcoin from a static $1 trillion store of value into programmable, institutional-grade collateral. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003Cbr>\nBy keeping BTC on Bitcoin, adding Guardian-backed security, and using Sui’s high-performance rails, Hashi offers a credible base for transparent credit and yield markets around native BTC. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-2\" class=\"citation-link\" title=\"View source [2]\">[2]\u003C\u002Fa>\u003Ca href=\"#source-4\" class=\"citation-link\" title=\"View source [4]\">[4]\u003C\u002Fa>\u003C\u002Fp>\n\u003Cp>Builders, custodians, and financial institutions can join Hashi testnet now to design BTC-backed applications, validate risk and compliance assumptions, and prepare production-ready integrations—positioning themselves at the forefront of native Bitcoin finance. \u003Ca href=\"#source-1\" class=\"citation-link\" title=\"View source [1]\">[1]\u003C\u002Fa>\u003Ca href=\"#source-3\" class=\"citation-link\" title=\"View source [3]\">[3]\u003C\u002Fa>\u003C\u002Fp>\n","Bitcoin is the leading digital store of value, with a market cap over $1 trillion driven mainly by buy-and-hold demand. [1][3]  \nMost of that capital, however, does not access programmable finance.\n\nH...","trend-radar",[],941,5,"2026-07-23T20:13:52.412Z",[17,22,26,30,34,37,41,45,49,53],{"title":18,"url":19,"summary":20,"type":21},"Hashi testnet is live bringing native Bitcoin finance one step closer to global adoption","https:\u002F\u002Fblog.sui.io\u002Fhashi-testnet-is-live-bringing-native-bitcoin-finance-one-step-closer-to-global-adoption\u002F","Hashi testnet has officially launched, giving builders, institutions, and infrastructure providers the opportunity to develop and integrate Bitcoin-backed financial applications ahead of mainnet. Day-...","kb",{"title":23,"url":24,"summary":25,"type":21},"Bitcoin Collateral Reaches DeFi Without Wrapping: Hashi Testnet Launches on Sui","https:\u002F\u002Fwww.techtimes.com\u002Farticles\u002F321350\u002F20260723\u002Fbitcoin-collateral-reaches-defi-without-wrapping-hashi-testnet-launches-sui.htm","Bitcoin's trillion-dollar asset base has always sat at the edge of decentralized finance, too large to ignore and too technically constrained to use. On July 22, 2026, the Sui Foundation took the most...",{"title":27,"url":28,"summary":29,"type":21},"Hashi Testnet Is Live, Bringing Native Bitcoin Finance One Step Closer to Global Adoption","https:\u002F\u002Fmarkets.businessinsider.com\u002Fnews\u002Fcurrencies\u002Fhashi-testnet-is-live-bringing-native-bitcoin-finance-one-step-closer-to-global-adoption-1036351427","Hashi testnet is live on Sui, allowing builders, institutions, and infrastructure providers to develop and stress-test Bitcoin-backed financial applications ahead of mainnet. The launch is powered by ...",{"title":31,"url":32,"summary":33,"type":21},"Sui Foundation’s Post","https:\u002F\u002Fwww.linkedin.com\u002Fposts\u002Fsui-foundation_hashi-testnet-is-live-bringing-native-bitcoin-activity-7485680664105779200-bk52","Hashi testnet is live. Introduced in March, Hashi is a new way to put BTC to work on Sui without moving it off the Bitcoin network. Bitcoin is the world's premier digital store of value, with over $1T...",{"title":27,"url":35,"summary":36,"type":21},"https:\u002F\u002Fx.com\u002Fhackernoon\u002Fstatus\u002F2080111171823186167","Hashi Testnet Is Live, Bringing Native Bitcoin Finance One Step Closer to Global Adoption. The provided page appears to be a feed containing social media posts and teaser links rather than the full ar...",{"title":38,"url":39,"summary":40,"type":21},"Bullish $BTC Altcoins Surge Ahead as Bitcoin Dominance Slips to 59% — What It Means for the Market","https:\u002F\u002Fwww.binance.com\u002Fen\u002Fsquare\u002Fpost\u002F24203802795913","Bitcoin's market dominance has dipped to around 59%, which is still historically high — but the shift signals something interesting: altcoins are starting to shine.\n\nThanks to lower entry points, many...",{"title":42,"url":43,"summary":44,"type":21},"Binance Lists Aerodrome’s AERO Token With Seed Tag, Unlocking Base DeFi for Global Traders","https:\u002F\u002Fcryptonews.net\u002Fnews\u002Fmarket\u002F33164954\u002F","Binance will open spot trading for Aerodrome Finance’s $AERO token at 19:00 UTC+8 on July 17, pairing the asset with $USDT, $USDC, and the Turkish lira. The exchange is applying its Seed Tag to $AERO ...",{"title":46,"url":47,"summary":48,"type":21},"Bitmine (BMNR) ETH Holdings Hit 5.70M Tokens, $9.8B Total Assets","https:\u002F\u002Fwww.coingabbar.com\u002Fen\u002Fcrypto-press-release\u002Fbitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-70-million-tokens-and-total-crypto-and-total-cash-holdings-of-9-8-billion","Bitmine Reaches $9.8B Crypto Holdings with 5% ETH Goal Ahead\n\nBitmine owns 4.7% of the total ETH coin supply of 120.7 million\n\nBitmine is 94% of the way to the 'Alchemy of 5%' in just 11 months\n\nBitmi...",{"title":50,"url":51,"summary":52,"type":21},"Bitcoin market dominance moves above 61%: Will altcoins follow?","https:\u002F\u002Fwww.tradingview.com\u002Fnews\u002Fcointelegraph:ffaeafe0d094b:0-bitcoin-market-dominance-moves-above-61-will-altcoins-follow\u002F","Bitcoin dominance climbed to 61% on Wednesday, its highest level since November 2025. The metric has risen from 58.44% at the start of April, proving that the bullish trend continues to favor BTC over...",{"title":54,"url":55,"summary":56,"type":21},"Bitmine buys 271k ETH in last week’s selloff; holdings grow after Russell 1000 entry","https:\u002F\u002Fseekingalpha.com\u002Fnews\u002F4608083-bitmine-buys-271k-eth-in-last-weeks-selloff-holdings-grow-after-russell-1000-entry","Bitmine Immersion Technologies (BMNR) said on Monday that its total crypto, cash, marketable securities, and “moonshot” investments reached $9.8B as the company moves closer to its goal of owning 5% o...",{"totalSources":58},10,{"generationDuration":60,"kbQueriesCount":58,"confidenceScore":61,"sourcesCount":58},121100,100,{"metaTitle":63,"metaDescription":64},"Hashi Testnet Brings Native Bitcoin Finance to Sui","Learn how Hashi Testnet makes native BTC usable as on-chain collateral on Sui, cutting custodian and bridge risk — read to discover use cases and next steps.","en","https:\u002F\u002Fimages.unsplash.com\u002Fphoto-1671628586515-0e4d9456f291?ixid=M3w4OTczNDl8MHwxfHNlYXJjaHwxfHxoYXNoaSUyMHRlc3RuZXR8ZW58MXwwfHx8MTc4NDgzNzMwM3ww&ixlib=rb-4.1.0&w=1200&h=630&fit=crop&crop=entropy&auto=format,compress&q=60",{"photographerName":68,"photographerUrl":69,"unsplashUrl":70},"Gary Lee","https:\u002F\u002Funsplash.com\u002F@garylee007?utm_source=coreprose&utm_medium=referral","https:\u002F\u002Funsplash.com\u002Fphotos\u002Fscrabble-tiles-spelling-hashtags-on-a-board-game-7lg7cHYbBds?utm_source=coreprose&utm_medium=referral",true,"hashi-testnet-launch-advancing-native-bitcoin-finance-adoption",{"score":74,"type":75,"sourceCount":76,"topSourceDomains":77,"detectedAt":81,"mentionsLast7Days":76},98,"spiking",4,[78,79,80],"chainwire.org","tradingview.com","cryptonews.net","2026-07-23T02:26:05.319Z",{"key":83,"name":84,"nameEn":84},"crypto","Crypto & Blockchain",[86,88,90,92],{"text":87},"Hashi testnet on Sui enables native BTC to act as on-chain collateral without wrapping or bridging, preserving Bitcoin-native custody and control.",{"text":89},"Hashi uses threshold cryptography and a 2-of-2 multisig Guardian Layer (Hashi validator committee + independent guardian) so no single party can move BTC alone.",{"text":91},"Over 25 institutional partners are stress-testing Hashi testnet, and Fenwick & West concluded Hashi’s deposit\u002Fredemption mechanics should not be a taxable event under U.S. federal income tax law.",{"text":93},"Hashi positions Sui’s high throughput and fast finality to support intraday lending, margining, and composable BTC-backed credit and structured products for institutions.",[95,98,101],{"question":96,"answer":97},"What is Hashi testnet and why does it matter?","Hashi testnet is an institutional-grade sandbox on Sui that lets native BTC serve as on-chain collateral without wrapping or cross-chain bridges. It matters because it provides a controlled environment for custodians, developers, and institutions to prototype BTC-backed lending, credit lines, and structured products while BTC remains in Bitcoin-native addresses; this preserves Bitcoin security, avoids centralized custodian risk and bridge exploits, and leverages Sui’s high throughput and low latency to enable intraday margining and composability across BTC-backed DeFi primitives.",{"question":99,"answer":100},"How does the Guardian Layer secure BTC deposits?","The Guardian Layer enforces defense-in-depth by placing each BTC deposit under a 2-of-2 multisig on Bitcoin: one key held by the Hashi validator committee and one by an independent guardian. This separation prevents unilateral movement of funds, supports continuous on-chain monitoring of collateral positions, and includes a secondary capital backstop and operational separation to reduce correlated risk—aligning custody and control with institutional standards for auditable, segregated collateral management.",{"question":102,"answer":103},"How can institutions participate and what are the regulatory\u002Ftax implications?","Institutions can join Hashi testnet to validate operational flows, risk models, and compliance before mainnet by integrating custody, trading, and accounting workflows with Hashi’s rails. From a tax and regulatory perspective, Hashi has a favorable initial analysis—Fenwick & West concluded deposit and redemption mechanics should not be a U.S. federal taxable event—reducing a major barrier for U.S. institutions, though institutions should still perform their own legal and regulatory reviews aligned with jurisdictional requirements.",[105,113,120,125,130,136,141,145,151,157,163,168,174,180,185],{"id":106,"name":107,"type":108,"confidence":109,"wikipediaUrl":110,"slug":111,"mentionCount":112},"6a0a70021f0b27c1f426a35c","Bitcoin","concept",0.99,"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FBitcoin","6a0a70021f0b27c1f426a35c-bitcoin",27,{"id":114,"name":115,"type":108,"confidence":116,"wikipediaUrl":117,"slug":118,"mentionCount":119},"6a627630457d250469574588","overcollateralized loans",0.84,null,"6a627630457d250469574588-overcollateralized-loans",1,{"id":121,"name":122,"type":108,"confidence":123,"wikipediaUrl":117,"slug":124,"mentionCount":119},"6a62762f457d250469574581","2-of-2 multisig",0.93,"6a62762f457d250469574581-2-of-2-multisig",{"id":126,"name":127,"type":108,"confidence":128,"wikipediaUrl":117,"slug":129,"mentionCount":119},"6a627630457d250469574587","spot ETFs",0.86,"6a627630457d250469574587-spot-etfs",{"id":131,"name":132,"type":108,"confidence":133,"wikipediaUrl":134,"slug":135,"mentionCount":119},"6a62762f457d250469574580","Guardian Layer",0.95,"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThe_Layers","6a62762f457d250469574580-guardian-layer",{"id":137,"name":138,"type":108,"confidence":139,"wikipediaUrl":117,"slug":140,"mentionCount":119},"6a62762e457d250469574574","native BTC",0.92,"6a62762e457d250469574574-native-btc",{"id":142,"name":143,"type":108,"confidence":116,"wikipediaUrl":117,"slug":144,"mentionCount":119},"6a627630457d250469574589","BTC-backed structured notes","6a627630457d250469574589-btc-backed-structured-notes",{"id":146,"name":147,"type":108,"confidence":148,"wikipediaUrl":149,"slug":150,"mentionCount":119},"6a62762f457d25046957457b","cross-chain bridges",0.9,"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FChain_bridge","6a62762f457d25046957457b-cross-chain-bridges",{"id":152,"name":153,"type":108,"confidence":154,"wikipediaUrl":155,"slug":156,"mentionCount":119},"6a62762f457d25046957457e","threshold cryptography",0.94,"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThreshold_cryptosystem","6a62762f457d25046957457e-threshold-cryptography",{"id":158,"name":159,"type":160,"confidence":161,"wikipediaUrl":117,"slug":162,"mentionCount":119},"6a627630457d25046957458c","bridges and messaging protocols exploits (2020s\u002F2024)","event",0.75,"6a627630457d25046957458c-bridges-and-messaging-protocols-exploits-2020s-2024",{"id":164,"name":165,"type":166,"confidence":128,"wikipediaUrl":117,"slug":167,"mentionCount":119},"6a62762f457d250469574582","Hashi validator committee","organization","6a62762f457d250469574582-hashi-validator-committee",{"id":169,"name":170,"type":166,"confidence":171,"wikipediaUrl":172,"slug":173,"mentionCount":119},"6a62762f457d250469574583","independent guardian",0.85,"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FThe_Guardian","6a62762f457d250469574583-independent-guardian",{"id":175,"name":176,"type":166,"confidence":177,"wikipediaUrl":178,"slug":179,"mentionCount":119},"6a62762f457d250469574584","Fenwick & West",0.96,"https:\u002F\u002Fen.wikipedia.org\u002Fwiki\u002FFenwick_%26_West","6a62762f457d250469574584-fenwick-west",{"id":181,"name":182,"type":166,"confidence":183,"wikipediaUrl":117,"slug":184,"mentionCount":119},"6a627630457d25046957458a","custodians",0.78,"6a627630457d25046957458a-custodians",{"id":186,"name":187,"type":166,"confidence":123,"wikipediaUrl":117,"slug":188,"mentionCount":119},"6a627630457d250469574585","Wave Digital Assets","6a627630457d250469574585-wave-digital-assets",[190,197,204,211],{"id":191,"title":192,"slug":193,"excerpt":194,"category":11,"featuredImage":195,"publishedAt":196},"6a65f9f2d8908ad2e10cec5e","STON.fi Cross-Chain Swaps: Connecting TON to TRON and EVM Stablecoin Liquidity","ston-fi-cross-chain-swaps-connecting-ton-to-tron-and-evm-stablecoin-liquidity","Stablecoins now anchor crypto, with over $300 billion in market cap and growing roles in payments and DeFi. [2][3][4] But liquidity is split across TON, TRON, and many EVM chains, pushing users toward...","https:\u002F\u002Fimages.unsplash.com\u002Fphoto-1555892727-55b51e5fceae?ixid=M3w4OTczNDl8MHwxfHNlYXJjaHwxfHxzdG9uJTIwY3Jvc3N8ZW58MXwwfHx8MTc4NTA2ODAxOHww&ixlib=rb-4.1.0&w=1200&h=630&fit=crop&crop=entropy&auto=format,compress&q=60","2026-07-26T12:20:36.647Z",{"id":198,"title":199,"slug":200,"excerpt":201,"category":11,"featuredImage":202,"publishedAt":203},"6a6555a5d8908ad2e10cdf51","Why Crypto Investors Are Pouring Venture Capital Into Prediction Markets","why-crypto-investors-are-pouring-venture-capital-into-prediction-markets","1. 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