Bitcoin DeFi Has Been Elusive. Can Mysten Labs Bring $1.4 Trillion Onchain?

Miston Labs' Hashi unlocks Bitcoin as native DeFi collateral—secure, formally verified, BTC-native insurance and institutional-grade primitives for lending, bonds, and stablecoins.

Key Takeaways

Hashi enables native BTC lending and stablecoin minting without wrapping or taxable derivatives, turning idle Bitcoin into institutional yield while preserving on-chain Bitcoin security.
Architecture combines SWE's MPC/multisig with 125+ validators and a guardian fallback layer to prevent collusion and secure Bitcoin custody and transfers.
Formal verification and mathematically proven smart contracts provide institutional trust, easing due diligence and supporting insurance underwriting for on-chain products.
BTC-native insurance protects collateral with premiums paid and settled in Bitcoin; premiums can be collected at deposit and partially held in BTC to back claims.
Product suite includes rated, on-chain Bitcoin-denominated bonds (Wave Digital), instant issuance/trading/settlement, and the SWE dollar stablecoin backed one-to-one by US Treasuries.
Accurate pricing via multiple oracles (CF Benchmarks, Qbis) and integrations with custodians (BitGo, FalconX, Bullish) aim to scale institutional participation and unlock substantial BTC liquidity.

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