Odaily News Muneeb Ali, co-founder of Bitcoin Layer2 network Stacks and CEO of Trust Machines (building applications on Bitcoin and its related networks), said in a post on X that the network's upcoming sBTC token upgrade could be released as early as next month. "Early December is the goal, which seems to be in line with the plan for sBTC v1, 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, which can be anchored to BTC." In short, sBTC will compete with other forms of wrapped Bitcoin, such as wBTC and cbBTC, which are both provided by centralized custodians. Stacks believes that sBTC's novel decentralized two-way anchoring will unlock value by providing an alternative that is more in line with Bitcoin's decentralized philosophy. (The Block) Earlier, Muneeb Ali posted on the X platform: "We have established a new Stacks entity 'Bitcoin L2 Labs', obtained $20 million in financing, and focused on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as CTO and lead the development of Stacks Core and SBTC."