Circle shareholder sues Trump over UAE crypto deals, citing up to $82 million in potential annual revenue
A Circle shareholder has sued President Donald Trump, alleging UAE-linked cryptocurrency payments enriched his family and diverted business from USDC, potentially costing up to $82 million in annual revenue.
The complaint, filed October 22 in Washington federal court, challenges a $500 million investment in Trump's World Liberty Financial and a separate $2 billion transaction settled using its USD1 stablecoin. Greenberg, who currently holds 10,000 Class A shares of the USDC stablecoin issuer, brought the case on behalf of Circle.
UAE deal before inauguration
The parties agreed to the first deal four days before Trump's January 2025 inauguration. Aryam, an investment vehicle allegedly linked to Sheikh Tahnoon bin Zayed Al Nahyan, agreed to pay $500 million for 49% of World Liberty. The complaint states $187 million of the $250 million initial installment went to Trump-linked entities, with the remaining $250 million due in July after Trump returned to the White House.
No president in American history has profited from his office so brazenly.
Stablecoin transaction and alleged corruption
In March 2025, Abu Dhabi-backed MGX announced a $2 billion investment in Binance, with settlement occurring in USD1 stablecoin. The lawsuit alleges that references to tokens and stablecoins obscured what it calls "the oldest form of public corruption." The complaint points to subsequent US decisions involving advanced AI chips for the UAE, a pardon for Binance founder Changpeng Zhao and regulatory approval for a World Liberty-linked bank as evidence of improper foreign influence.
Commercial impact on Circle
Circle had agreed in November 2024 to pay Binance $60 million upfront plus monthly fees, and the following month Binance announced it would adopt USDC for its corporate treasury. Greenberg alleges that Binance arranged for MGX to settle in USD1 even though the token had yet to launch when the investment was unveiled.
The lawsuit calculates that at Circle's 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. Greenberg seeks an order blocking further prohibited foreign benefits and requiring Trump-linked companies to account for and surrender disputed proceeds.
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