Unchained Bitcoin DeFi Has Been Elusive. Can Mysten Labs Bring $1.4 Trillion Onchain?
Mar 20, 2026
Adeniyi Abiodun, co-founder and CPO of Mysten Labs, explains Hashi, a trust-minimized protocol to enable native Bitcoin DeFi for institutions. He discusses how Hashi avoids wrapped-Bitcoin issues, its MPC validator design and custody options. Topics include BTC-denominated insurance, on-chain rated Bitcoin bonds, supported stablecoins, oracle pricing, and institutional adoption hurdles.
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Native Bitcoin Lending Without Wrappers
- Hashi enables native Bitcoin lending without creating wrapped derivatives or triggering taxable events.
- It locks BTC in an MPC wallet on the Bitcoin network and originates loans on Sui using formally verified smart contracts plus institutional insurance.
Sui Validators Secure The Bitcoin MPC
- Sui validators (≈125) collectively act as signatories securing the MPC wallet that holds Bitcoin on-chain.
- The Sui validator multisig plus a Guardian fallback creates majority-move protection aligned with Sui's cryptographic primitives.
Design For Institutional Due Diligence
- Build for institutional due diligence by minimizing trust assumptions and making the model easy to explain.
- Mysten designed Hashi with custodians, banks, and sovereign funds so they can pass legal and risk reviews and deposit large BTC amounts.