Gotta disagree with you there Derek. Or make a clarifying statement. If it’s lightning and on my personal node it’s settled.

Cashu in a mint isn’t settled and can be rugged and used as a fractional reserve.

We can potentially say that a custodial Lightning payment or holding is similar. But that’s still bitcoin. Cashu is a ledger. And the mint just “says” it has X number of sats.