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"trust-minimized" sounds fishy. a swap is either trustless and atomic, or trust-me-bro bullshit. will look at it closer when goes mainstream, if ever.
Probably there is a typical federated bridge that holds custody over USDT in Ethereum.
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"...and the design is peer-to-peer"
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I honestly tried to figure this out but they have the only contract on Ethereum which bridges XLM tokens so I don't buy it.
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