A Circle shareholder sued Donald Trump in a federal court in Washington over two UAE-linked transactions: a $500 million investment in World Liberty Financial and a $2 billion payment made with the USD1 stablecoin. The complaint, filed on October 22 by former Circle employee J. Benjamin Greenberg, estimates that the transactions generated between $70 million and $82 million in potential annual reserve income for USD1, at Circle’s expense through its USDC stablecoin. It alleges that the foreign benefits were not approved by Congress and enriched entities linked to the president. Greenberg seeks to block further payments, require the surrender of disputed proceeds and award damages to Circle, but must first establish that he can sue on the company’s behalf.
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