Circle Shareholder Sues Trump Over USD1 Deal Involving Binance

Circle Internet Financial shareholder J. Benjamin Greenberg filed a lawsuit against President Donald Trump, World Liberty Financial, related entities and Special Envoy to the Middle East Steve Witkoff, alleging that their crypto activities harmed Circle’s USDC stablecoin. The complaint was filed in the US District Court for the District of Columbia and accuses the defendants of using USD1, World Liberty’s stablecoin, to attract business that would otherwise support Circle.

The lawsuit centers on Abu Dhabi-based MGX, an entity linked to the UAE royal family, which invested $2 billion in Binance through USD1 in 2025. Greenberg also cited a Wall Street Journal report that another UAE-backed investment vehicle agreed to acquire a 49% stake in World Liberty for $500 million. The shareholder claims these transactions gave foreign-government-linked investors access to a Trump-family crypto business while weakening Circle’s ability to compete.

Greenberg, who reported holding 10,000 ordinary Circle shares, alleges that the deals violated the US Constitution’s Foreign Emoluments Clause by allowing the president and his businesses to accept financial benefits from foreign states without congressional approval. He is seeking injunctions, an accounting of related payments, disgorgement of alleged emoluments and compensatory and punitive damages.

The case remains allegations in a civil complaint and has not been adjudicated. World Liberty was co-founded by Trump, his three sons and Steve Witkoff’s son Zach Witkoff, while Circle operates USDC, one of the world’s largest dollar-denominated stablecoins.