# Ketju research: Stacks sBTC

- URL: https://riadefi.com/rejections/stacks-sbtc/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-18
- Last confirmed: 2026-08-18

## Research summary

This review reaches an adverse research assessment because withdrawal timing remains unconfirmed, despite a signer committee comparable to an already-approved peer. sBTC uses a genuinely different design from custodial wrappers: 14 to 15 elected signers, including named entities such as Figment, Blockdaemon, and Kiln, approve mints at a roughly 70% threshold instead of using a small custodial multisig. This committee is comparable in size to Lombard BTC.b's approved 14-member, 10-of-14 Security Consortium. But Stacks' own documentation does not state deposit or withdrawal timing for either direction, and this review could not confirm the peg-out mechanics anywhere. A committee of comparable size is not enough on its own. Without confirmed exit terms, this registry cannot certify what a stressed redemption would actually look like.

## Observable review triggers

- Withdrawal or peg-out timing and mechanics are independently confirmed and demonstrated at proposed size
- Current signer count and threshold are confirmed precisely, resolving the discrepancy across sources
- Phase 3's permissionless, Proof-of-Transfer-integrated signer model is implemented and independently verified
- Twelve consecutive months with no depeg or signer-related incident following the above disclosures

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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