Not trusted. The term trustless often refers to Bitcoin, Ethereum and other blockchain-based networks because the thousands of third parties that validate and mine the transactions are essentially unknown to each other and therefore cannot be trusted. In contrast, a "trusted" entity is a bank or credit card company because they are well known and monitored by government agencies.
The trustless term applied to blockchains is actually confusing and somewhat contradictory because the whole point of the blockchain architecture is to ensure that it "can" be trusted. See blockchain