SUI'S HASHI LAUNCHES WITH $500 MILLION IN COMMITMENTS — ITS DOCS SAY EVERY BITCOIN DEPOSIT IS A 2-OF-2 BETWEEN HASHI AND A GUARDIAN, WITH NO USER KEY — THE RECOVERY PATH LETS HASHI ALONE MOVE THE COINS

On October 8, 2026, Sui said Hashi, a system for using bitcoin as loan collateral on the Sui chain, will start a phased mainnet rollout in October 2026 with more than $500 million in capital commitments. CoinDesk named Anchorage Digital as a launch partner. The pitch is that the bitcoin never leaves the Bitcoin network. A token called hBTC is minted on Sui against each deposit and burned on the way out.

Where the coins sit is checkable: a real Bitcoin address. The real question is who can spend from it. Hashi's design docs say every deposit address is a Taproot address with two spend paths. The normal path is "a 2-of-2 multisig script between Hashi and the Guardian." The Hashi key is run by an MPC committee drawn from Sui validators. The script holds no user key. Your Sui address is used only to derive the deposit address.

The second path is for recovery. After a 60-day relative timelock, the Hashi key alone can spend. The docs encode it as sequence 0x0040278D: the time flag plus 10,125 units of 512 seconds, which is 5,184,000 seconds, or exactly 60 days. The docs call it an escape hatch in case the Guardian key is lost. That hatch opens for Hashi, not for the depositor. Neither the docs nor the announcement say who runs the Guardian.

CoinDesk wrote that the multisig needs sign-off from Hashi's validators. The docs show the Guardian holds the second key. Hashi's own page lists its trust assumptions as the Sui validator set and the loan contract. So the bitcoin stays on bitcoin, but control does not stay with you. Those are two different claims, and the pitch only makes the first. At the time of this writing, bitcoin was $82,961.