# Why Ketju rejected Stacks sBTC

- URL: https://riadefi.com/rejections/stacks-sbtc/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-18
- Next review: 2026-11-18

## The memo

REJECTED ON UNCONFIRMED WITHDRAWAL TIMING, 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 rather than a small custodial multisig — a committee comparable in size to Lombard BTC.b's approved 14-member, 10-of-14 Security Consortium. But Stacks' own documentation does not specify deposit or withdrawal timing for either direction, and this review could not confirm the peg-out mechanics anywhere. A comparably sized committee is not sufficient on its own; without confirmed exit terms this registry cannot certify what a stressed redemption would actually look like.

## What would reopen the file

- 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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