There's countless different token systems that can and will be used for equity and credit, but ECash is an unlikely candidate for those because of the in-auditability of the supply.

No one will buy stock in a company that's issued in ECash because no one will be able to know for a fact that the float is what the organization says it is.

So, why the hundreds of millions of dollars in investment coming into ECash while real Bitcoin projects starve?

It does have a massive use-case in national currencies. Such investments are rational, because US Congress has already published it's "between the lines" RFP in the ECash Act.

Acts of Congress, even if not yet passed, are a signal or "comms" to aligned operatives in the private sector. That's how the system works, this is established fact not conspiracy theory. What you see now is positioning for that end.

"But, CBDC's!" you screech... As they have come to be projected are little more than an "Art of the Deal" trial balloon. Through consistent messaging of CBDC's as a totalitarian scheme, it makes ECash dollars sound like a complete victory for the people. After all, "muh privacy" properties similar to paper. It's no big deal right?

You see, despite Bitcoin being well on track to become the next global reserve, Governments cannot simply use Bitcoin as their transactional currency. Hot wallet issues on that scale, among other things, require that National Bitcoin must be stored in the digital analogue of a Fort Knox. Notes against that circulate out of it's Treasury just as they have historically with gold and other "foreign reserves".

Large exchanges will have no choice but to get on-board as part of their regulation and dollar convertibility. Since Lightning is inherently private, these large centralized mints also serve to to gain insights into aggregated flows that are relevant to national security policy. Normies may use Coinbase Wallets ECash to hide their sins, but the national security state will know if hostile states are sucking up Lightning liquidity.

The absolute worst thing for governments would be for families and business to run sovereign Lightning nodes and use Bitcoin directly as a transactional currency. ECashe's purpose it to be a blow-off valve for that, keeping the network centralized and less private. This is why they need to astroturf it into Bitcoin projects now.

I like how Odell said in this last Citadel Dispatch #455228 "We must make better custodians using ecash, cashu or fedimints". Worth listening that CD, great rip.