No, it has an issuer, but that issuer can’t see who has what balances and can’t move their balances. They could theoretically cancel redemption of a specific bundle of cash but they’d have no way of knowing who they were confiscating from.

The issuer could over-issue ecash claims on underlying bitcoin but the implementations being built all enable instant redemption out via the lightning network

In other words fractional reserve could happen but the remedy would be lightning fast bank runs

And it will still be a massive privacy improvement over the current banking system… imagine individual banks issuing their own digital bank notes for example

It’s all trade-offs, and it’s important to compare it to the existing system as much as we compare it to a perfect ideal