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Current Steering DAC output matching, what's the difference?

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The_Dutchman

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Hello all,

I was looking into current steering DAC's output matching, and I was a bit confused, why do they match like this?:

Match1.png

And why not like this?

Match2.png

For me it seems that impedance levels are the same? Transformer transforms 50 Ohm load to 50 Ohm on primary, 25 Ohm above center tap, 25 Ohm below center tap, both matched?
 

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