Stacks founder: sBTC token upgrade may be launched 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 related networks), has announced on X platform that the network's upcoming sBTC token upgrade may be released as early as next month. "The target is early December, which seems to be in line with the sBTC v1 plan, and there will be more upgrades in January and beyond," Ali wrote. According to Stacks' announcement, Stacks' sBTC will "enable smart contracts to programmatically send sBTC to BTC addresses, anchoring it as BTC." In short, sBTC will compete with other forms of wrapped Bitcoin, such as wBTC and cbBTC, which are provided by centralized custodians. Stacks believes that sBTC's novel decentralized bi-directional anchoring will unlock value by providing a more decentralized alternative that better aligns with Bitcoin's decentralized ideals. (The Block) Previously, Muneeb Ali wrote on the X platform, "We have established a new Stacks entity 'Bitcoin L2 Labs', which has raised $20 million in funding and is focused on core development. Adriano DiLuzio (formerly of Algorand Labs) will serve as CTO and lead the development work on Stacks' core and SBTC."