So, USDT on Lightning vs Cashu USD.

As far as I understand, USDT is backed by various assets and is centrally controlled — nothing changes here. Lightning is just a new transport layer.

Cashu USD is backed by BTC held by the mint. BUT: if there’s no over-collateralization and USD eCash tokens are issued at the market rate, then the mint takes a risk which it should mitigate by selling BTC received for actual USD (or for LN-USDT). Equally, when a user wants to redeem eCash USD, the mint has to buy BTC that it will send to the user.

Do I understand it correctly?

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