Seems like it.  They simply mint nuts at current btc exchange rate and redeem ecash at the current btc exchange rate.  

I'd like to know if the nuts themselves contain the metadata for what they are to make them all interoperable.  Seems like a mint should be able to mint whatever you want and redeem whatever you want whether its eusd or eyen or ecorn.   

 Wait, you couldn't get the market rate. If the USD price of bitcoin goes down, the mint would go broke because people would be withdrawing more bitcoin than was deposited 

 Same for any exchange.