It appears to be similar so far according to my research, but CL focuses more on using privacy features to create tokens, while tBTC relies on signers holding real BTC as collateral for creating tokens.
Discussion
yeah, tBTC is technically using a federated peg. the threshold marketing materials bury this unfortunate reality underneath a lot of flashy language, and it seems the CL marketing materials are doing the same thing. if CL gives you more privacy that's nice and all, but you're still playing with something that's not any more secure than junk like liquid.