Hashgraph Announces HashSphere: Permissioned Blockchain for Compliant Finance

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Key Takeaways:

In Q3 2025, Hashgraph is introducing HashSphere, a private and permissioned blockchain.
HashSphere targets regulated businesses, including banks and asset managers, that prioritize compliance and privacy.
The platform also offers EVM compatibility and interoperability with the public Hedera network.

Hashgraph, the company behind the Hedera network, has revealed plans to launch HashSphere, a private, permissioned version of its network. Expected to launch in Q3 2025, HashSphere is designed and built for enterprises that operate in heavily regulated industries.

Table of Contents

Built for Regulated Finance: Stablecoins and EVM Compatibility

The overarching objective is to facilitate cheap and compliant cross-border stablecoin payments for financial institutions including banks and asset managers. The platform is currently in beta testing and is already being tested by major industry players due to the extensive legacy systems that Hedera has integrated into, such as Australia Payments Plus – an operator of key Australian payment infrastructures and a long-term member of the Hedera Governing Council.

HashSphere, built on Hedera’s core technology, will feature Ethereum Virtual Machine (EVM) compatibility. The compatibility enables institutions familiar with the Ethereum ecosystem to build and implement smart contracts easily on the next-generation platform. Central to this is compliance with strict regulatory requirements such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

HashSphere: Addressing Enterprise Blockchain Adoption Hurdles

Public, permissionless networks such as the Ethereum mainnet can present significant compliance, privacy, and security issues, which means that many enterprises have been slow to adopt blockchain technology. Although public blockchains provide transparency and decentralization, many do not have the regulatory guard rails that the financial sector needs embedded in the technology.

HashSphere will create a controlled environment to address this issue. By restricting access and transaction participation to verified entities, HashSphere enhances data protection, security, and regulatory compliance. Andrew Stakiwicz, head of solutions at Hashgraph, said HashSphere is intended to break down large barriers to blockchain in the enterprise. In particular, concerns around vendor lock-in, scalability, and the security risks of public networks that use anonymous validators have hampered adoption. HashSphere’s trust model (using only well-known parties) provides a higher security and control.

The need for institutions to repeatedly conduct KYC and compliance checks, tasks already completed internally for their clients, poses a challenge with permissionless chains. Institutions also require increased privacy and control over their on-chain operations. This is where HashSphere comes into play.

Essential Attributes: Focus on Stablecoins and Interoperability

HashSphere’s planned interoperability with Hedera’s public ledger is a standout feature. This hybrid approach enables businesses to take advantage of the security and compliance benefits of a private, permissioned environment, while still benefitting from the efficiency gains, potential cost savings, and broader ecosystem access made possible through a public DLT.

HashSphere’s emphasis on privacy and regulatory compliance tackles key institutional challenges, while its planned network interoperability enhances its functionality. It facilitates seamless and secure asset transfers such as stablecoins between the permissioned private HashSphere stack, with the public Hedera network and potentially with other Layer 1 protocols.

The growing adoption of stablecoins aligns well with HashSphere’s focus on regulatory compliance. Already, Hedera has created solutions to enable seamless onboarding of stablecoins. Existing momentum in this area includes plans by several Filipino banks to launch a stablecoin called PHPX on the Hedera network later this year.

HashSphere Enters the Competitive Permissioned DLT Arena

The introduction of HashSphere marks a return to Hashgraph’s original focus on permissioned ledgers. The company, formerly Swirlds Labs, initially focused on permissioned ledgers, working with organizations like the credit union startup CULedger in 2018. While early solutions faced deployment challenges due to limited compatibility, HashSphere resolves this by integrating Ethereum-compatible smart contracts, making it significantly more open.

With its launch, HashSphere aims to compete with established permissioned DLTs. Discussions on compliance, privacy, and control resonate with firms hesitant about fully public chains. Although specifics are yet to be finalized, we can speculate on HashSphere’s potential competitiveness. Hyperledger Besu currently enjoys traction due to its pathway for integration with the Ethereum mainnet. HashSphere, leveraging its EVM compatibility, positions itself as a strong contender in the competitive permissioned DLT space. Moreover, if HashSphere inherits Hedera performance benefits, these could translate into significant speed and scalability benefits compared to Besu. It will use all of the core Hedera features including its consensus mechanism, its token service, and the EVM-compatible smart contract service.

However, questions remain regarding privacy architecture. Both Besu—and to a certain extent, HashSphere—may face disadvantages compared to platforms like Canton (from Digital Asset) and Corda (from R3), which are designed with a ‘privacy-first’ approach, ensuring data is shared strictly on a need-to-know basis. It remains unclear whether HashSphere will fully adopt this model. There are potential solutions — such as Zero-Knowledge Proofs (ZKPs) — but they are still maturing into robust, widely adopted solutions. Brazil’s central bank, for example, desires this approach for its Besu-based projects but awaits mature technology.

HashSphere’s introduction occurs as the enterprise DLT space seemed to be consolidating around Besu, Canton, and Corda. Yet, recent announcements, including Google Cloud’s Universal Ledger concept, suggest the landscape remains dynamic. While fewer options may simplify enterprise decision-making, increased competition from entrants like HashSphere will drive innovation and market responsiveness. However, legacy players will still retain a presence, albeit with adjustments to fit evolving standards.