This isn't a deposit-USDT-and-mint-tokens thing to be clear. I'm more thinking about Tether the entity minting directly to an ecash mint from initial token creation when RWAs get sent to them.

Could interesting because they'd be able to make their own BTC/USD market via the mint's lightning gateway as well.

I'm thinking the deal breaker here would be the lack of auditability for notes issued vs. assets backing?

So far I think the only other USD token that's bitcoin adjacent is L-USDT. Not sure if Tether-on-Omni is still a thing and how far John and they got with OmniBOLT. I guess Taproot Assets are still on the way as well.