This is very wrong. They’ve been out for 20 years -starting with the TacT Millennium in 1998 and reviewed (that year) by Robert Greene of The Absolute Sound.
Wadia had their PowerDAC right after, but it was never reviewed and only had a 3-year life.
The TacT was re-branded under Lyngdorf Audio. It has been joined by the NAD M32 and Technics R1 - the only 3 in the world I’m aware of. (Another from Italy, was ’blogged’ by Clement Perry of Stereo Times, but was never reviewed).
Though they have diff. methods of attenuating the signal, they all share the same (basic) topology -a DAC-integrated w/o separate sections. Meaning NO analog stages, NO converters. The switching output stage acts as a D to A.
What’s shocking in 2019 is how few audiophiles are aware of this revolutionary product category. There are reviews in the past 5 years, starting with Jim Merod in PFO (reviewing NAD’s M2 back then).
So it’s catching on, one decade at a time...

