Hashi Brings Bitcoin-Backed Credit to Sui, Priced by CF Benchmarks

CF Benchmarks’ regulated Bitcoin reference rates to serve as pricing for Hashi, a new collateralization primitive on Sui.

Hashi Launches on Sui

CF Benchmarks is delighted to support the launch of Hashi, which is set to establish a new era of Bitcoin finance on Sui.

Launching on devnet today, Hashi will unlock institutional Bitcoin participation at scale, bringing core financial services like credit origination and lending to a transparent, compliant environment on Sui using both Bitcoin and stablecoins as collateral.

CF Benchmarks, the UK FCA authorized and regulated Benchmark Administrator, will publish the CME CF Bitcoin Reference Rate (BRR) as well as the index’s New York, Asia Pacific, and Real-Time Variants (BRRNY, BRRAP and BRTI) to Sui.

These benchmarks, together with their proven liquidity and replicability, will help ensure the accuracy of lending offerings on Hashi, thanks to a regulated Bitcoin pricing layer for collateral valuation, monitoring, and credit workflows.

Hashi links Bitcoin-side custody and workflow to a Sui-native credit environment. BTC supports the collateral side of the structure, while credit originates on Sui, and benchmark prices are delivered on chain for valuation and risk processes.

Early liquidity commitments from Bullish, FalconX, and Erebor Bank provide the assurance of an institutional profile for Hashi when it goes live, which is expected to happen later this year.

For further clarification of how Bitcoin collateral and credit will operate within the Hashi infrastructure, and the role to be played by CF Benchmarks, please see the simplified infographic below.

How Bitcoin Benchmarks Get on Sui

The pricing stack combines intraday visibility with fixed daily reference points. BRTI is the real-time Bitcoin index. BRR is the benchmark that references the traditional London market closing time (4 pm). BRRNY and BRRAP align the same benchmark framework to the New York and Asia Pacific closes. These CME CF Cryptocurrency Pricing Products are designed to measure the economic reality of exchange between the base asset and the quote asset.

Inside a credit market, these benchmarks therefore serve distinct functions. BRTI supports live collateral monitoring and intraday operational checks. The BRR family supports valuation, reporting, and margin processes that benefit from a fixed daily reference point.

On Sui, benchmark values are made available on chain via an oracle/publication layer, enabling smart contracts to access trusted pricing data as needed.

So, on Hashi, CF Benchmarks forms the benchmark price, which is then made available on chain for builders offering financial services to use for collateral valuation and credit workflows.

Valuation Discipline for Credit

As Bitcoin moves further into structured on-chain credit, pricing standards become part of product design. Continuous price visibility serves monitoring. Fixed daily reference points serve valuation, reporting, and margin control. Hashi brings both into the same stack from launch, placing benchmarks directly inside a collateralized credit workflow.

This means a benchmark’s role for Hashi is operational. A credit market built around BTC collateral needs pricing that is transparent, rules-based, and replicable. CF Benchmarks’ core benchmark business is built around reliable, robust, and replicable digital asset pricing for regulated and institutional products. This makes our indices ideal for Hashi from day one of its mainnet launch, slated for later this year.

Greater Institutional Use Unlocked

It’s worth underlining that Hashi surfaces new credit-market uses from its integration into Sui’s existing BTCFi strategy. Bitcoin and stablecoins support origination. Benchmark pricing supports valuation from launch. On-chain delivery gives the market a direct route from benchmark formation to collateral monitoring. That combination is legible for trading firms, liquidity providers, allocators, and other institutional participants looking at how on-chain credit is being assembled.

All told, with valuation discipline being, in essence, part of the product in any collateralized market, CF Benchmarks’ regulated pricing can make the Bitcoin side of such markets more transparent and measurable. Embedded into Hashi, our indices make Bitcoin-backed credit on Sui ready for institutional deployment.

Web References

• BitcoinFi on Sui - https://www.sui.io/btcfi-bitcoin-defi-on-sui
• Sui Documentation - https://docs.sui.io/