Sui Adds Cumberland, Fluid, and SwissBorg to Its Hashi Coalition Ahead of July Testnet Launch

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Suiwhere money moves as freely as messages, has announced that Cumberland, Fluid, and SwissBorg have joined Hashi, Sui’s native bitcoin finance primitive — weeks ahead of its scheduled global testnet launch this July. The expanding coalition addresses a critical bottleneck in crypto: persistent capital inefficiency by safely unlocking more than $1 trillion of idle BTC into DeFi.

Why Hashi Matters

Previous market cycles exposed the systemic dangers of relying on opaque, centralized credit intermediaries — Celsius, Voyager, and Genesis among them — to generate utility from dormant assets. Hashi replaces that centralized balance-sheet trust with verifiable smart-contract logic.

The design is built for safety through strict separation: Bitcoin remains securely on the native Bitcoin blockchain at all times, while Sui smart contracts handle the cryptographic and programmatic rights that enable its use as financial collateral.

“Hashi was built to unlock the productive use of Bitcoin at a scale the industry hasn’t seen before,” said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the original contributor to Sui. “We believe Bitcoin will become one of the largest sources of collateral in finance as the world moves onchain, and Hashi provides the foundation to make that possible on Sui.”

Built for Institutional Bitcoin Finance

Hashi is a foundational primitive setting a new standard for how builders create bespoke, Bitcoin-backed financial products — with risk parameters and loan terms fully verifiable on-chain. In just a few weeks, institutions, custodians, wallet providers, and developers will be able to begin testing the infrastructure that will power Bitcoin-backed lending, borrowing, and credit origination on Sui.

Expanded Institutional Support

Three new institutional names join the growing Hashi ecosystem, broadening support across liquidity providers, market makers, and digital asset platforms:

Cumberland, one of the digital asset industry’s largest institutional market makers, joins Hashi to evaluate the protocol’s structural frameworks and prepare for eventual onchain liquidity provisioning.

SwissBorg, a European wealth management app with over one million users, is exploring ways to connect its network of European high-net-worth Bitcoin holders and liquidity providers to Hashi — creating new pathways for Bitcoin-backed borrowing and lending.

Fluid, a major DeFi lending protocol with a strong record of efficient, safe trades, is now building in preparation for mainnet institutional services. Fluid’s participation would bring institutional-grade lending markets to the ecosystem and deepen access to Bitcoin-backed credit on Sui.

These new builders join an industry-leading group of infrastructure providers, custodians, and DeFi protocols already collaborating to build a native Bitcoin financial ecosystem on Sui.

“Bitcoin is the world’s most liquid digital asset, but without native utility, it remains an off-chain asset,” said Paul Kremsky, Global Head of Business Development at Cumberland. “Hashi is exciting because it introduces a transparent, institutional-grade framework for BTC-backed credit that will replace synthetic workarounds with a product we are excited to use ourselves.”

“Our community has consistently sought native ways to lend and borrow against their Bitcoin,” said Cyrus Fazel, Founder & CEO at SwissBorg. “We’re thrilled to see Hashi delivering innovative solutions that make this a reality.”

“The next phase of the industry’s growth will come from bringing larger pools of capital onchain through infrastructure institutions can actually trust,” said Samyak Jain, Co-Founder & CEO at Fluid. “Hashi gets this right: Bitcoin stays on its native chain while verifiable contracts make it productive as collateral. Fluid’s lending infrastructure is built to turn that into deep, capital-efficient Bitcoin-backed credit markets on Sui.”

These additions expand the growing consensus of many partners announced earlier this year that Sui is where Bitcoin finance will take flight, thanks to Hashi:

Custody & Wallet Access

• BitGo: Institutional custody clients.
• Blockdaemon, Cobo, Fordefi (by Paxos): Institutional wallet and infrastructure providers.
• Cubist: Cross-chain collateral infrastructure and transfer engine.
• Ledger: Retail/institutional self-custody.
• SwissBorg: UHNW European retail/institutional asset management and wallet interface.

Lending, Trading & Liquidity Providers

• Bullish: Institutional digital asset platform supplying liquidity.
• Cumberland: Leading institutional crypto market maker and liquidity provider.
• Erebor: OCC-chartered bank providing liquidity.
• FalconX: Institutional prime brokerage supplying liquidity.

DeFi & Lending Applications

• AlphaLend, Bluefin, Current, Scallop, Suilend: Native DeFi protocols enabling retail lending and borrowing on day one.
• Fluid: Connecting lending, borrowing, liquidity, and more financial products into a capital-efficient system.
• Navi: One of Sui’s largest and longest-running DeFi protocols slated for Hashi lending.

Vaults & Asset Management

• Concrete by Blueprint Finance: Yield-infrastructure vault platform.
• Find Capital: Real-World Asset (RWA) yield strategies.
• Wave Digital Assets LLC: SEC-registered investment adviser working with industry partners to facilitate the issuance of Bitcoin-collateralized bonds.

Index Oracle, Insurance & Security Auditing

• CF Benchmarks: Crypto index provider distributing pricing data via oracles.
• Soter Insure: Native, Bitcoin-denominated institutional insurance.
• Asymptotic, Certora, OtterSec: Smart contract security and formal verification auditors.

The launch of the global testnet this July represents the ultimate rehearsal for transforming Bitcoin finance at scale. The sandbox environment is purpose-built for institutional engineers, Sui protocols and developers, and custody partners to test integration parameters, stress-test the code under simulated market volatility, and verify cryptographic integrity ahead of mainnet release.

Technical documentation and testnet access configurations will be available at sui.io/hashi.