Odaily Planet Daily reported that Muneeb Ali, co-founder of the Bitcoin Layer2 network Stacks and CEO of Trust Machines (which builds applications on Bitcoin and related networks), stated in a post on X that the network's upcoming sBTC token upgrade might 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 expected in January and beyond," Ali wrote. According to Stacks' announcement, Stacks' sBTC will "enable smart contracts to programmatically send sBTC to BTC addresses, which can be used as BTC collateral." 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 the novel decentralized two-way peg of sBTC will unlock value by providing an alternative that aligns more closely with Bitcoin's decentralization ethos. (The Block) Previously, Muneeb Ali stated on the X platform: "We have established a new Stacks entity 'Bitcoin L2 Labs' and secured $20 million in funding, focusing on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as CTO and lead the development of Stacks core and SBTC."