For breadth on mobile, Trust Wallet is hard to beat: dozens of chains including many that no other consumer wallet supports, thousands of tokens, staking for major proof-of-stake assets, and a built-in dapp browser.
The 2022 vulnerability
A flaw in the browser extension's random number generation produced predictable private keys for wallets created in a specific window during 2022. Funds were lost before the issue was found, and Trust Wallet compensated affected users and patched the flaw. It is the clearest example in this category of why open-source key generation matters: the bug was in code that users could not inspect, and it was found by external researchers rather than by users.
Ownership
Trust Wallet is owned by Binance. The wallet is non-custodial and the exchange cannot access your keys, but the same commercial group operates both the largest exchange and one of the most used self-custody wallets, which is a concentration worth noting when the point of self-custody is reducing dependence on such entities.
What it does well
Core components are open source, the interface is simple, coverage is exceptional, and hardware wallet support exists. For a user holding assets on chains that Rabby, Phantom and Rainbow do not support, it may be the only practical option.
Who should use it
Mobile users needing chains that better-reviewed wallets do not cover. For Ethereum use Rabby or Rainbow; for Solana use Phantom; use Trust for the long tail.