Stacks Founder: sBTC token upgrade could potentially launch as early as December

Muneeb Ali, co-founder of the Bitcoin Layer2 network Stacks and CEO of Trust Machines (which builds applications on Bitcoin and its related networks), posted on X that the upcoming sBTC token upgrade could be released as early as next month. "Early December is the target, which seems to align with the plan for sBTC v1, with more upgrades coming in January and beyond," wrote Ali.

According to an announcement by Stacks, Stacks' sBTC will "enable smart contracts to programmatically send sBTC to BTC addresses, allowing it to serve as a BTC anchor". In short, sBTC will compete with other forms of wrapped bitcoin such as wBTC and cbBTC, both provided by centralized custodians. Stacks believes that the novel decentralized two-way anchoring of sBTC will unlock value by providing an alternative more in line with Bitcoin's decentralization philosophy.

In previous news, Muneeb Ali posted on platform X: "We have established a new Stacks entity 'Bitcoin L2 Labs', received $20 million in funding focused on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as Chief Technology Officer and lead the development work for Stacks Core and SBTC."