Maybe a key distinction here is that TCB itself is not trustless - it requires KYC, etc. But where data is stored and redeemed is on the trustless, decentralize

Maybe a key distinction here is that TCB itself is not trustless - it requires KYC, etc. But where data is stored and redeemed is on the trustless, decentralized Hedera network. It functions as an automated, secure ledger. You could replace Hedera with a private blockchain or another ledger - likely not a public one due to unpredictable transaction fees or high time to consensus - the value is the same.