Circle shareholder sues Trump over UAE crypto deals and $82m in revenue
A Circle shareholder is suing President Donald Trump over a pair of UAE-linked crypto deals, claiming the arrangement steered as much as $82 million a year in potential reserve income away from the USDC issuer and into the president's family businesses.
The complaint, filed on 22 October in Washington federal court by former Circle employee J. Benjamin Greenberg, challenges a $500 million investment in Trump's World Liberty Financial and a separate $2 billion transaction settled in its USD1 stablecoin. Greenberg, who says he holds 10,000 Class A shares, brought the case on the company's behalf and argues the payments breached the Constitution's Foreign Emoluments Clause because Congress has not consented. The filing alleges that no president in American history has profited from his office so brazenly.
At the centre of the case is the March 2025 announcement by Abu Dhabi-backed MGX of a $2 billion investment in Binance, which said settlement would use a stablecoin without naming one. USD1 did not launch until 25 March, almost two weeks later, and World Liberty disclosed on 1 May that the token would be used. According to the complaint, USD1's circulating supply rose by about two billion tokens in the preceding eight days, which it attributes mostly to MGX's purchase. The suit also alleges that Aryam, an investment vehicle allegedly linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, agreed to pay $500 million for 49% of World Liberty four days before Trump's January 2025 inauguration, with $187 million of the $250 million initial instalment going to Trump-linked entities.
Greenberg puts a figure on Circle's side of the ledger. At reserve returns of 4.1% in 2025 and 3.5% in the second quarter of 2026, $2 billion in additional reserves could have generated $70 million to $82 million annually, the filing says. Those figures describe potential gross reserve income rather than an established net loss, and depend on MGX having chosen USDC and the tokens staying outstanding; Circle also shares reserve revenue with distribution partners. The complaint records that Binance and World Liberty deny Binance arranged the use of USD1, and cites World Liberty's May 2025 letter to US senators saying the deal would otherwise have settled in foreign currency, most likely UAE dirhams.
Greenberg is seeking an order blocking further prohibited foreign benefits, requiring Trump-linked companies to account for and surrender disputed proceeds, and awarding damages to Circle. The requested injunction specifically targets reserve income from USD1 held for foreign-state entities. He must also show why he can sue for Circle without board approval, arguing directors could not independently assess a claim against the president given their regulatory exposure and Circle's continuing business relationship with Binance. No court has yet determined whether the transactions or related government decisions violated the law.
