diff --git a/modules/sdk-core/src/bitgo/safe/safes.ts b/modules/sdk-core/src/bitgo/safe/safes.ts
index 230359bd94..6a67548d43 100644
--- a/modules/sdk-core/src/bitgo/safe/safes.ts
+++ b/modules/sdk-core/src/bitgo/safe/safes.ts
@@ -4,7 +4,10 @@
  * @experimental The safe client surface is experimental and may change (including breaking
  * changes) before the public release.
  */
+import { InitializeSafeBody, SafeData } from '@bitgo/public-types';
 import { BitGoBase } from '../bitgoBase';
+import { decodeWithCodec } from '../utils/codecs';
+import { postWithCodec } from '../utils/postWithCodec';
 import { FinalizeSafeOptions, InitializeSafeOptions } from './iSafe';
 import { CreateSafeOptions, GetSafeOptions, ISafes, ListSafesOptions, SafeCreationHandle, SafeKeys } from './iSafes';
 import { Safe } from './safe';
@@ -43,10 +46,12 @@ export class Safes implements ISafes {
 
   /**
    * Phase 1 — initialize a safe (metadata only, no key material).
-   * Implemented in WCN-1192 Phase 2 (blocked on WCN-1175).
+   * POST /api/v2/enterprise/:eId/safes { label }
    */
   async initializeSafe(params: InitializeSafeOptions): Promise<Safe> {
-    throw new Error('Safes.initializeSafe is not yet implemented (WCN-1192 Phase 2)');
+    const response = await postWithCodec(this.bitgo, this.url(), InitializeSafeBody, params).result();
+    const safeData = decodeWithCodec(SafeData, response, 'SafeData');
+    return new Safe(this.bitgo, safeData);
   }
 
   /**
diff --git a/modules/sdk-core/test/unit/bitgo/safe/safes.ts b/modules/sdk-core/test/unit/bitgo/safe/safes.ts
index 813f6fb149..ebab857957 100644
--- a/modules/sdk-core/test/unit/bitgo/safe/safes.ts
+++ b/modules/sdk-core/test/unit/bitgo/safe/safes.ts
@@ -1,14 +1,24 @@
 import * as sinon from 'sinon';
 import 'should';
-import { Enterprise, Safes } from '../../../../src';
+import { Enterprise, Safe, Safes } from '../../../../src';
 
 describe('Safes', function () {
   let safes: Safes;
   let mockBitGo: any;
+  const safeDataWire = {
+    id: 'test-safe-id',
+    enterpriseId: 'test-enterprise-id',
+    label: 'my safe',
+    status: 'active',
+    creator: 'creator-id',
+    users: [{ userId: 'creator-id', permissions: ['admin', 'spend'] }],
+    createdAt: '2026-07-07T00:00:00.000Z',
+  };
 
   beforeEach(function () {
     mockBitGo = {
       url: sinon.stub().callsFake((path: string) => path),
+      post: sinon.stub(),
     };
     safes = new Safes(mockBitGo, 'test-enterprise-id');
   });
@@ -17,18 +27,28 @@ describe('Safes', function () {
     sinon.restore();
   });
 
-  // Phase 2 (generateSafe/initialize/createSafeKeys/finalize) and Phase 3 (list/get) are not yet
-  // implemented — they are gated on WCN-1175 / WCN-1176 / WCN-1177. Assert the interface is wired
-  // and stubbed for now.
+  describe('initializeSafe', function () {
+    it('POSTs to the safes collection URL and returns a Safe', async function () {
+      const send = sinon.stub().returns({ result: sinon.stub().resolves(safeDataWire) });
+      mockBitGo.post.returns({ send });
+
+      const result = await safes.initializeSafe({ label: 'my safe' });
+
+      result.should.be.instanceof(Safe);
+      result.id().should.equal('test-safe-id');
+      result.enterpriseId().should.equal('test-enterprise-id');
+      sinon.assert.calledWith(mockBitGo.post, '/enterprise/test-enterprise-id/safes');
+      sinon.assert.calledWith(send, { label: 'my safe' });
+    });
+  });
+
+  // generateSafe/createSafeKeys/finalize and list/get are not yet implemented — gated on
+  // WCN-1175 / WCN-1176 / WCN-1177.
   describe('unimplemented lifecycle methods', function () {
     it('generateSafe throws (Phase 2)', async function () {
       await safes.generateSafe({ label: 'v', passphrase: 'p' }).should.be.rejectedWith(/not yet implemented .*Phase 2/);
     });
 
-    it('initializeSafe throws (Phase 2)', async function () {
-      await safes.initializeSafe({ label: 'v' }).should.be.rejectedWith(/not yet implemented .*Phase 2/);
-    });
-
     it('createSafeKeys throws (Phase 2)', async function () {
       await safes
         .createSafeKeys({ label: 'v', passphrase: 'p', safeId: 'vid' })