Got it, thanks. But there is trust involved at some point?

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Correct, it’s custodial. The mint holds the funds until they the redeemed.

They are*

I actually wonder though how harmful trust becomes when the custodian has almost no information. We're no longer trusting them to not spy or censor because they can't do those things anymore anyways.

Yeah but custodial means there's always the risk of getting rug pulled.

Not saying cashu is bad because of this. I'm just saying all custodial solutions come with that risk involved and it's good to keep that in mind.