Bitcoin L2 Labs announced the release of a new asset sBTC on the Stacks mainnet, backed by Bitcoin at a 1:1 ratio. sBTC allows for decentralized movement of BTC between Bitcoin layers while maintaining network security. sBTC deposits will become available on December 17, 2024, and withdrawals will be possible in March 2025. Initially, there is a limit of 1000 BTC to manage liquidity.