Ex-Circle Engineer Takes Trump to Court Over Emirati Payments to World Liberty Financial
By Unchained
AI summary of the source article
A Circle shareholder filed a derivative lawsuit against President Donald Trump, alleging UAE-linked deals involving World Liberty Financial violated the Foreign Emoluments Clause and diverted stablecoin business away from Circle's USDC.
Why it matters
“Every dollar of stablecoin steered to the President’s stablecoin, USD1, is a dollar that does not earn reserve income for Circle,” the complaint states.
Key facts
- Shareholder J. Benjamin Greenberg filed the derivative suit in the U.S. District Court for the District of Columbia on Circle's behalf.
- The complaint targets a $500 million stake acquisition by Aryam Investment 1 and a $2 billion Binance transaction conducted via World Liberty's USD1 stablecoin.
- The lawsuit claims the diversion of funds to USD1 cost Circle roughly $70 million to $82 million per year in reserve income.
Source excerpt · Unchained
Circle reportedly says it did not authorize the derivative suit filed on its behalf, which accuses Trump of taking foreign emoluments through World Liberty Financial. The post Ex-Circle Engineer Takes Trump to Court Over Emirati Payments to World Liberty Financial appeared first on Unchained .