Circle shareholder sues Trump over $2 billion in UAE crypto deals as Circle says it had no part and the White House calls the suit frivolous

A former Circle employee who says he holds shares in the stablecoin issuer has sued President Donald Trump in a Washington federal court, alleging that Trump's businesses profited from more than $2 billion in United Arab Emirates crypto deals in breach of the Constitution's Foreign Emoluments Clause. J. Benjamin Greenberg filed the derivative suit, brought on Circle's behalf, on October 22, CryptoSlate and Bitcoin.com reported.

The complaint points to two deals: an agreement for Aryam, reportedly linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, to pay $500 million for 49% of World Liberty Financial, and a $2 billion investment by Abu Dhabi's MGX in Binance that was settled in World Liberty's USD1 stablecoin. It argues Circle's USDC lost business as a result, putting potential reserve income at $70 million to $82 million a year; CryptoSlate noted these are gross, potential figures.

Circle said it "did not initiate, direct, authorize, or participate in the filing," Bitcoin.com reported. World Liberty said it complies with all US laws, and the White House called the suit frivolous. Binance and World Liberty deny that Binance arranged the use of USD1, CryptoSlate reported.

No court has ruled. Greenberg must first show he can sue on Circle's behalf without its board's approval.