Muneeb Ali, co-founder of the Bitcoin Layer2 network Stacks and CEO of Trust Machines, which builds applications on Bitcoin and its related networks, said in a post that the network's upcoming sBTC token upgrade could be released as early as next month. "Early December is the target, which seems to be in line with sBTC v1's plans, with more upgrades coming 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 as BTC." In a nutshell, sBTC will compete with other forms of encapsulated bitcoin, such as wBTC and cbBTC, which are both provided by centralized custodians. Stacks believes that sBTC's novel decentralized two-way anchor will unlock value by providing an alternative that is more in line with Bitcoin's decentralized philosophy. (The Block) Earlier, Muneeb Ali wrote on the X platform: "We have established a new Stacks entity'Bitcoin L2 Labs' and raised $20 million to focus on core development. Adriano DiLuzio (formerly a member of Algorand Labs) will serve as CTO and lead the development of Stacks Core and SBTC."