Circle Shareholder Sues Trump and World Liberty Over Deals Tied to UAE
Former Circle engineer J. Benjamin Greenberg filed a derivative suit against Trump, World Liberty Financial and Steve Witkoff, alleging UAE-linked deals violated the Foreign Emoluments Clause and steered stablecoin business from USDC to USD1. Circle says it did not authorize the filing.
President Donald Trump, World Liberty Financial and Middle East Special Envoy Steve Witkoff face a federal lawsuit from a Circle shareholder who alleges that two UAE-linked deals violated the Foreign Emoluments Clause and diverted stablecoin business from Circle's USDC. The suit was filed Thursday in the US District Court for the District of Columbia.
The plaintiff is J. Benjamin Greenberg, a software engineer who worked at Circle from 2016 to 2018 and holds 10,000 shares. He brought the case derivatively, meaning on Circle's behalf rather than his own. Affiliates of World Liberty are also named, along with four Trump-linked holding companies. Trump is named in his official capacity.
The two deals
The first involves Aryam Investment 1. On Jan. 16, 2025, four days before the inauguration, Aryam agreed to pay $500 million for a 49% stake in World Liberty. The complaint links Aryam to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser. It alleges $187 million of the upfront half went to two Trump family entities, and that about $75.5 million more reached them after Trump took office, citing his 2025 financial disclosure.
The second involves MGX, an Abu Dhabi investment firm that Tahnoon chairs. MGX completed a $2 billion investment in Binance using World Liberty's USD1 stablecoin. At least one account describes the transaction instead as a $2 billion purchase of USD1.
"Every dollar of stablecoin steered to the President's stablecoin, USD1, is a dollar that does not earn reserve income for Circle."
Complaint filed by J. Benjamin Greenberg
The complaint estimates Circle's lost income at roughly $70 million to $82 million a year on the MGX money. Reserve income made up about 96% of Circle's 2025 revenue.
The loss figure is the plaintiff's own and has not been tested in court.
Relief sought
The suit asks for a declaration that the payments are unconstitutional and an injunction barring Trump and Witkoff from accepting more without congressional consent. It also seeks an accounting and forfeiture of proceeds to the US Treasury, plus compensatory and punitive damages from World Liberty.
Responses
Circle distanced itself from the case. A spokesperson said the company "did not initiate, direct, authorize, or participate in the filing" and declined further comment.
World Liberty spokesperson David Wachsman said the claims "are without merit and we look forward to resolving them in court." White House spokesperson Anna Kelly called it "yet another frivolous lawsuit" and said there are no conflicts of interest.
Context
World Liberty was co-founded in 2024 by Trump and his sons. Zach Witkoff, son of Steve Witkoff, is also a co-founder. Its USD1 stablecoin competes with USDC, the more established token, issued by Circle, which this week opened hourly USDC mint and redeem auctions through Circle Match.
Trump's 2025 disclosure showed about $1.4 billion in crypto earnings, while Public Citizen reported the ventures cost investors about $4.7 billion.
The filing comes less than two weeks before the 2026 midterms, and Democrats have been using Trump's crypto deals in their campaigns. The case has not gone to trial.
