First time I hear about FBTC.
So is it like USDT with a company behind it and a risk there or something decentralized with a smart contract risk? It really is a shame that the real BTC is so shut down from all the useful crypto projects and always needs some kind of bridge/centralization.
I would say that FBTC is like a wrapped bitcoin, meaning that there is a risk with it clearly, both with smart contract, and if the treasury guarding the bitcoin that is minted into fbtc should be hacked. But, it is an attempt to make BTC more accesible, so that you can use it in defi across blockchains easily. It comes with risk, but also with lots of gains and opportunities.