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Definition: non-custodial wallet

A cryptocurrency wallet that is maintained by the user. Also called a "self-custody wallet" and "self-hosted wallet," non-custodial wallets require users to manage their crypto assets and also be able to access decentralized crypto exchanges (see decentralized exchange).

Sounds Like Just the Opposite
Custody and custodial mean "having possession," which seems like the opposite meaning of a crypto wallet where the user decidedly has possession. The reason for this confusing terminology is that custodial refers to a centralized crypto exchange, and non-custodial means the exchange does "not" control the assets. The user does. See crypto wallet and crypto exchange. Contrast with custodial wallet.