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Use PATCH /v2/wallets/{id} to update wallet metadata. The endpoint currently supports changing the wallet label. Send null or an empty string to clear the label. 
curl -X PATCH "$GROUND_API_BASE_URL/v2/wallets/$WALLET_ID" \
  -H "Authorization: Bearer $GROUND_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{"label":"Operating Treasury"}'
The response is the updated wallet snapshot.