Custody Guide: Token Safekeeping Does Not Bar Collateral Pledges

The guide's real contribution is framing custody as a permissions problem rather than a storage problem, which matters for institutions that assumed bank safekeeping and collateral use were mutually exclusive. It effectively pushes due diligence toward the signing and liquidation authority split, an area where operational design, not the custodian's brand, determines whether pledged tokens can actually be moved. Whether institutions begin evaluating these roles separately, rather than bundling them into a single custody decision, is the open question worth watching.