Stacks
STXLayer 1 · Stacks Labs
Delisted on 2026-09-14
The principal protocol contributor is now Stacks Labs, established as Cayman entities, which took over core protocol engineering from Hiro, Trust Machines, and Bitcoin L2 Labs in 2025. The US-company carve-out no longer applies, and Tests 1 and 4 fail for the principal contributor. The record stays up for transparency; this is not a current US listing.
The verdict on record
Pathway: Foundation with a US principal contributor. Needs Tests 1 and 4, plus 2 or 3.
Test 1 · not met
Headquartered in the United States
Stacks Labs is not recorded with a US headquarters.
Test 4 · not met
Registered in a US state
Stacks Labs is registered in KY, not a US state.
Test 2 · not met
American founding team
0 of 2 named founders are established US persons holding operational roles today; a majority is required.
Test 3 · not met
Primary operations in the United States
No US primary-operations claim is supported by a primary document or two independent sources.
Legal entities
Stacks Labs
Cayman Islands · principal contributor
2 sources
- Projectstacks.foundation/stacks-labs-setup2026-09-14
- Projectstacks.foundation/stacks-labs-setup2026-09-14
Stacks Endowment
Cayman Islands · foundation
1 source
- Referencegithub.com/stacksgov/sips/blob/2a7ff8b3daf2b20f54acff315183ef…2026-09-14
Stacks Open Internet Foundation
Delaware · foundation
1 source
- Projectstacks.foundation/about2026-09-14
Hiro Systems PBC
Delaware · operating company · Jersey City, NJ
2 sources· 2 primary
- Registrydata.ny.gov/resource/n9v6-gdp6.json2026-09-14
- Legal termshiro.so/terms2026-09-14
Founders
Muneeb Ali
Founder of Stacks; Chairman, Hiro Systems PBC · US status not established · no operating role today
2 sources· 1 primary
- Registrydata.ny.gov/resource/n9v6-gdp6.json2026-09-14
- Projecthiro.so/about2026-09-14
Ryan Shea
Co-Founder (no current operational role established) · US status not established · no operating role today
Record history
2026-09-14 · delisted
Delisted: core protocol development moved from US companies to Stacks Labs, a Cayman structure, so the foundation carve-out no longer applies.
2026-09-14 · correction
Principal contributor corrected from Hiro Systems to Stacks Labs (Cayman, operating since October 2025); the cited SEC file number 024-11051 (which belongs to an unrelated company) removed; the misdated "2017 Reg A+" investor annotation and the unsourced Reg A+ claim removed pending an EDGAR citation;Hiro's address corrected to Jersey City, NJ per its terms; unsourced investor and audit claims removed.
2026-04-29 · listed
Listed in the v0.1 allowlist.
About Stacks
Stacks is a Bitcoin layer for smart contracts. Since October 2025 core protocol engineering has been consolidated in Stacks Labs, set up as Cayman entities under the SIP-031 endowment structure; Hiro Systems PBC, a Delaware public benefit corporation, continues as an independent developer-tooling company.