It’s not centralized. It’s not distributed, like Bitcoin, but there is no central party baked into the protocol. Everyone’s free to become an issuer. It’s like

It’s not centralized. It’s not distributed, like Bitcoin, but there is no central party baked into the protocol. Everyone’s free to become an issuer. It’s like email or git: requires a central server to work, but is a decentralized system because everyone can set up their own git/email server.