I could be wrong but, based on the limited documentation, it looks to me like they hold on to the Monero and then send it out when someone claims the voucher. Think of it like a fully centralized second layer (since you can essentially transfer Monero without on chain transactions, even if you have to trust that the admins won’t just run with all the Monero from non-spent vouchers). I don’t really see the point of this because Monero is already very inexpensive to move on the base layer and you are trusting the admins to never touch the idle Moneros.

Not saying that it can’t have any usecases, for example: it would be easy to hand out a bunch of vouchers at events (and these guys are sponsors of this year’s Monerokon 😜).

Using these vouchers, you can buy and sell Monero from anywhere without directly purchasing it. In some countries, Monero purchases are restricted; in others, it’s nearly impossible to find. The worst-case scenario? You’re forced to buy Monero using a bank account or credit card, exposing your identity. Our voucher system provides a truly private way for users worldwide to exchange Monero without the usual hurdles.

As for trust, XMRGlobal is here to stay. Running off with a few XMR would be short-sighted; we gain much more by being a trusted service. We've already invested and donated far beyond what we could ever hold in escrow or vouchers. Privacy and adoption matter more, it is not about money.