Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
A Circle shareholder has sued President Donald Trump, World Liberty Financial and others, alleging that two UAE-linked crypto transactions improperly benefited Trump-connected entities and violated the Constitution’s Foreign Emoluments Clause. The case was filed on October 22, 2026, and remains unresolved: as of October 26, no court had decided whether the transactions were illegal or whether the shareholder may bring the case on Circle’s behalf.
What does the lawsuit allege?
J. Benjamin Greenberg, a Circle Internet Group shareholder, filed a verified derivative complaint in the U.S. District Court for the District of Columbia. A derivative action is brought by a shareholder seeking relief for a company; Circle is named as the nominal defendant, not as the party accused of accepting foreign-state benefits. The defendants include Trump in his official capacity, World Liberty Financial and related holding companies, and U.S. Special Envoy to the Middle East Steven C. Witkoff.
The complaint argues that benefits routed from foreign-state-linked entities to Trump-linked businesses violated the Foreign Emoluments Clause without congressional consent. It also claims that the transactions harmed Circle, which issues the competing USDC stablecoin. These are the plaintiff’s allegations, not findings by a court.
Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesWhat are the two UAE-linked transactions at the center of the case?
The complaint focuses on a reported investment in World Liberty and a separate investment in Binance settled using World Liberty’s USD1 stablecoin.
| Transaction | What the complaint says | Why it matters to the lawsuit |
|---|---|---|
| Aryam investment in World Liberty | Aryam Investment 1 allegedly agreed on January 16, 2025—four days before Trump’s inauguration—to pay $500 million for 49% of World Liberty. The complaint says $187 million of the initial $250 million installment went to Trump-linked entities, with another $250 million due on July 15, 2025, after Trump took office. | The plaintiff alleges that the payment and related benefits came from a foreign-state-linked source and benefited Trump-connected entities. |
| MGX investment in Binance using USD1 | Abu Dhabi investment firm MGX announced a $2 billion Binance investment on March 12, 2025, without naming a stablecoin. World Liberty launched USD1 on March 25 and announced on May 1 that USD1 would be used to close the transaction. The complaint says MGX bought the tokens from World Liberty with $2 billion in cash and transferred them to Binance. | The plaintiff alleges that USD1’s use generated reserve income for World Liberty and diverted business that might otherwise have gone to Circle’s USDC. |
What does the complaint say about Aryam’s connections?
The filing links Aryam to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national-security adviser and deputy ruler of Abu Dhabi, through entities and executives associated with G42. It alleges that Aryam received board seats and that a G42 executive became World Liberty’s chief strategic adviser, overseeing USD1. The complaint also points to $262.5 million in 2025 equity-sale proceeds reported by two Trump-linked entities, alleging that the amount above the initial $187 million reflected the later installment.
How did USD1 become part of the Binance deal?
The complaint says about 127 million USD1 tokens were circulating on April 22, 2025, and 2.127 billion on April 30, attributing most of that increase to the MGX transaction. It alleges that interest earned on the reserves backing outstanding USD1 tokens benefited World Liberty’s stablecoin business. The complaint reports more than 4.1 billion USD1 tokens in circulation as of August 31, 2026.
Binance and World Liberty deny that Binance arranged the choice of USD1. World Liberty told senators that the transaction otherwise would likely have been settled in UAE dirhams. Whether USD1’s selection was improper, or instead a business decision, has not been decided by a court.
Also popular on Amazon
What is the Foreign Emoluments Clause, and how does it apply here?
Article I, Section 9, Clause 8 of the U.S. Constitution bars a person holding an office of profit or trust under the United States from accepting, without congressional consent, “any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State.” The complaint quotes the clause and asserts, “Congress has not consented.”
Greenberg’s theory is that foreign-state benefits need not be paid directly to Trump to count: benefits routed to Trump-linked entities or connected to reserve-income streams could still qualify as presidential emoluments. The case therefore raises questions about whether Aryam and MGX qualify as foreign-state sources, whether benefits to companies count as benefits to the president, and what connection is necessary between the president and the alleged benefit. The complaint asserts that the clause was violated; the court has not answered those questions.
How does the lawsuit claim Circle was harmed?
Circle issues USDC and earns income on assets held in reserve to back it. The complaint argues that a customer or transaction using USD1 instead of USDC represents stablecoin demand that Circle did not capture. It estimates that Circle might have earned about $70 million to $82 million in annual reserve income on $2 billion, using Circle’s stated reserve-return rates of 4.1% for 2025 and 3.5% for the second quarter of 2026. Those are the complaint’s estimates of possible income, not a court-validated loss or a finding that the transaction would otherwise have used USDC.
Also popular on Amazon
The filing cites $73.3 billion of USDC in circulation as of June 30, 2026, and says reserve income represented about 96% of Circle’s 2025 revenue. It also alleges unfair competition and unjust enrichment under District of Columbia law. Those claims, like the constitutional claims, remain unproven.
The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →What does Greenberg want the court to do?
The complaint seeks a declaration that the alleged acceptance of foreign emoluments was unconstitutional and injunctions barring further foreign-state benefits without congressional consent. It also asks for a full accounting of payments and benefits, disgorgement to the U.S. Treasury or as the court directs, and a constructive trust over proceeds. Other requested relief includes compensatory and punitive damages, restitution, interest and attorneys’ fees.
Because this is a derivative case, Greenberg must also establish that he is entitled to maintain an action for Circle. The court had not ruled on that issue or on the merits as of October 26, 2026. Circle said it did not initiate, direct, authorize or participate in the filing. The White House called the case frivolous, and a World Liberty spokesperson said the claims were without merit.
Also popular on Amazon
How does the case fit into reporting about Trump’s crypto income?
Two 2026 reports described different totals from Trump’s 2025 federal financial disclosure. The Associated Press reported nearly $1.2 billion in crypto-business revenue, including more than $500 million from World Liberty products and more than $600 million from CIC Digital meme coins. Reuters reported more than $1.4 billion in crypto-venture income, including almost $800 million from World Liberty and $635 million from Trump meme-coin sales. The totals use different scopes or labels, and both describe reported revenue or income—not net profit.
Those disclosure figures provide broader context but do not determine whether the specific Aryam and MGX transactions violated the Constitution or caused Circle a legally recoverable loss. That remains for the case to resolve.
Recommended Free Tools
Frequently Asked Questions
What does it mean that Circle is the nominal defendant?
A nominal defendant is included in a lawsuit because the requested relief may affect that entity, rather than because the plaintiff is accusing it of the central wrongdoing. Here, the complaint seeks relief for Circle while alleging that the challenged conduct benefited Trump-linked entities.
Also popular on Amazon
Can a shareholder sue on behalf of a company without its board filing the case?
A shareholder may attempt to bring a derivative case in the company’s name, but must satisfy legal requirements for doing so. Greenberg’s right to proceed for Circle is itself an issue the court must address; the filing alone does not establish that he can maintain the action.
Do the reported crypto-income totals mean Trump made that much profit?
No. The Associated Press characterized its total as revenue, while Reuters described its figure as crypto-venture income; neither figure establishes net profit. Their totals also differ in scope or labels, so they should not be treated as interchangeable.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
Free tools Windows power users keep installed
One-click scans. No signup required.
