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It has a few small TODOs (validation-related) - but it can be tested on the emulator/device - see integration tests producing valid Elements' explicit transaction.
I think that it's tagged with backlog since they plan to refactor the transaction signature code.
Currently there are 3 trezor-firmware PRs relevant for Liquid:
#317 - adding Python wrappers for blinding & unblinding secp256k1_zkp APIs.
#473 - adding explicit transactions' signature support.
backlog
since they plan to refactor the transaction signature code.#474 - adding confidential address generation (via SLIP-0077).
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