A longtime Circle shareholder filed suit Thursday against Donald Trump, World Liberty Financial and its affiliates in the US District Court for the District of Columbia. The plaintiff, who also names US Special Envoy to the Middle East Steve Witkoff, invokes the Constitution’s Foreign Emoluments Clause. He alleges that an entity associated with Sheikh Tahnoon bin Zayed Al Nahyan acquired a 49 % stake in World Liberty for $500 million and that Abu Dhabi’s MGX fund later purchased $2 billion of USD1 stablecoins, unfairly diverting business from Circle’s USDC. The shareholder estimates that the deals gave World Liberty an unjustified advantage in accessing capital and cost Circle between $70 million and $82 million annually. He seeks compensatory and punitive damages and declarations that constitutional violations occurred, but the allegations have not yet been tested in court.
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