Key facts
- Shareholder J. Benjamin Greenberg alleges Trump and World Liberty caused harm to Circle.
- The suit centers on a $2 billion investment by Abu Dhabi entity MGX into Binance using the USD1 stablecoin in 2025.
- Greenberg claims the President's actions violate the US Constitution's Foreign Emoluments Clause.
- The shareholder seeks an accounting of payments from foreign states to the President and his businesses.
A shareholder of Circle Internet Financial, the company behind the USDC stablecoin, has filed a lawsuit against US President Donald Trump, his family's crypto company World Liberty Financial, and US Special Envoy to the Middle East Steve Witkoff. The suit, filed in the US District Court for the District of Columbia, alleges that Trump, Witkoff, and World Liberty engaged in corruption through a $2 billion deal involving a foreign government entity and the cryptocurrency exchange Binance.
Plaintiff J. Benjamin Greenberg claims that these actions created a pathway for foreign governments to funnel money using the USD1 stablecoin, a rival to Circle's USDC. Greenberg alleges this "brazen corruption" has harmed Circle by making it unable to compete effectively in the stablecoin market. The lawsuit specifically points to an investment by Abu Dhabi entity MGX, tied to UAE royalty, which reportedly invested $2 billion into Binance in 2025 using the USD1 stablecoin. Another investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan had previously agreed to purchase a 49% stake in World Liberty for $500 million.
Greenberg, who holds 10,000 ordinary shares of Circle, is asking the court to declare Trump's actions a violation of the Constitution's Foreign Emoluments Clause. He seeks injunctions to prevent similar financial interests and an accounting of billions in payments from foreign states to the President and his businesses, demanding disgorgement of emoluments and damages. Circle stated it did not initiate or authorize the lawsuit, while spokespeople for World Liberty and the White House did not respond to requests for comment.