I don't understand this, BTC2 coins backed by BTC 1:1 according to who? Who's guaranteeing this? Roger? Jihan? Who?
It's backed by a company called
SideShift AI.
You can't compare it to USDT neither, USDT is 1:1 USD because Tether Corp/Bitfinex guarantees it. It is a centralized company. As a company they said that they have the actual USD to back Tether up.
Same thing here. SideShift AI is a centralized company holding custody of Bitcoin deposits. This is the same thing as Bitgo issuing WBTC on Ethereum or Tether issuing USDT on Bitcoin. These are just tokens backed by a centralized custodian. You need to trust that they're actually redeemable.