Hashi and Remittix PayFi address different needs, not competing versions of the same service. Sui describes Hashi as infrastructure for borrowing or pursuing yield against Bitcoin collateral; Remittix describes PayFi as a way to send crypto and settle fiat to a bank account. The key October comparison is therefore what each is for, how far each has progressed, and what evidence is available about its controls and real-world use.
What each project is meant to do
Hashi: use Bitcoin as collateral
Hashi is Sui’s proposed Bitcoin-collateral infrastructure. Its intended use is to let Bitcoin holders access lending, borrowing, or yield strategies without selling their BTC. Sui Foundation’s September 2, 2026 overview says Bitcoin remains on the Bitcoin network while users borrow from DeFi or earn yield. That describes the project’s design; it does not establish that the service was then available for general use.
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Remittix PayFi: send crypto, receive fiat
Remittix describes PayFi as a crypto-to-fiat payment flow that delivers fiat to a compatible bank account. Its own site describes KYC and possible EUR, GBP, and USD settlement depending on country and account type. Those are company descriptions, not independent confirmation of supported destinations or successful settlement in each case.
How far along are they?
The dated announcements show different kinds of testing, and neither should be mistaken for proof of broad production availability.
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- Hashi: Sui Foundation announced a live testnet on July 22, 2026, aimed at builders, institutions, and infrastructure providers developing Bitcoin-backed applications. In a September 2, 2026 article, Sui said Hashi had not shipped. That is the latest dated Hashi status in the cited Sui materials; it does not establish whether deployment changed after September 2.
- Remittix PayFi: A Remittix-issued GlobeNewswire release dated October 1, 2026 said testing had opened to an initial cohort of 1,000 users. This is a company-reported testing announcement, not independent confirmation of the cohort’s access or the service’s operational performance.
For readers deciding whether they can use either service now, the distinction is practical: a testnet announcement is not a live borrowing product, and a company-reported testing cohort is not proof that bank settlement is available to the public in a particular country.
What Sui says about Hashi’s collateral controls
Sui Foundation’s July 22, 2026 testnet announcement describes a Guardian Layer and a 2-of-2 multisignature arrangement for collateral UTXOs. As described by Sui, spending requires both a Hashi-validator MPC signature and a guardian signature; safeguards are intended to slow or prevent potentially malicious activity before collateral leaves the system. Sui’s September 2 article also reports a BTC-denominated on-chain insurance fund.
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These are project descriptions of design and safeguards, not proof that risk is eliminated or that the system has performed securely in production. Sui’s March 19, 2026 Hashi introduction said audit and formal-verification work with Asymptotic, Certora, and OtterSec was planned. That announcement does not establish that the work was completed. Sui’s September 2 article reported more than 20 institutional partners and named BitGo, Ledger, Cumberland, and FalconX; that partner count is Sui’s claim, not an independently verified count or a substitute for security evidence.
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| Question | Hashi | Remittix PayFi |
|---|---|---|
| Primary job | Bitcoin-backed borrowing, lending, or yield strategies, as described by Sui Foundation. | Crypto-to-fiat payments with fiat delivery to a compatible bank account, as described by Remittix. |
| Latest dated status in cited materials | Sui said testnet was live on July 22, 2026, then said Hashi had not shipped on September 2, 2026. | Remittix said on October 1, 2026 that testing had opened to an initial 1,000 users. |
| Asset or settlement path | Sui says BTC stays on the Bitcoin network; its July 22 testnet announcement describes 2-of-2 signatures for collateral UTXOs. | Remittix describes sending crypto and settling fiat to a compatible bank account; the October 1 release does not establish the full operational path. |
| Geography and access | General-user availability and supported jurisdictions: not stated in Sui Foundation’s cited September 2, 2026 overview. | Remittix’s site says EUR, GBP, or USD settlement may depend on country and account type; the October 1 release does not establish a complete country list or public availability. |
| Fees, timing, and transaction terms | Fees, collateral terms, liquidation rules, and settlement timing: not stated in Sui Foundation’s cited Hashi announcements. | Current fees, conversion spreads, settlement timing, and failure handling: not independently established by the cited Remittix materials. |
| Independent operational or security evidence | The cited Sui materials describe safeguards and planned audit/formal-verification work; they do not establish completed audits or production performance. | The cited Remittix materials do not independently establish custody controls, completed audits, or settlement performance. |
Which one fits the need?
- Consider Hashi if the goal is to keep Bitcoin exposure while seeking borrowing or yield options. First establish whether Hashi has shipped, what collateral and liquidation terms apply, who controls the collateral path, and what independent security work has been completed.
- Consider Remittix PayFi if the goal is to move from crypto to fiat delivered to a bank account. Confirm that the service accepts the intended asset, supports the sender’s location and destination bank, and clearly discloses conversion rates, fees, KYC requirements, timing, and what happens when a transfer fails.
Sui’s broader BTCfi ecosystem page lists projects such as Bucket, NAVI, Suilend, Typus, and Bluefin, along with BTC-linked assets including LBTC, tBTC, WBTC, xBTC, and mBTC. It is an ecosystem directory, not an independent assessment of those services’ safety, availability, or economics. Sui’s July 29, 2025 BTCfi overview likewise reflects the integrations and assets described at that time; it should not be treated as a current list without checking the relevant projects’ own documentation.
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What to verify before using either
- Availability: Look for a current official deployment or access notice, and distinguish a testnet or limited testing cohort from a generally available service.
- Asset handling: For Hashi, check how collateral is controlled and how it can be released. For PayFi, confirm which crypto is converted, how the conversion is performed, and which bank destinations are supported.
- Risk and recourse: Review completed, independently verifiable security assessments and the service’s response to failed, delayed, or disputed transactions. A described safeguard or insurance fund is not by itself a guarantee of recovery.
- Economics: Obtain the actual borrowing rate, collateral and liquidation conditions, or payment conversion rate, fees, and delivery estimate for the transaction you intend to make.
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