Trump Faces Abu Dhabi Crypto Lawsuit Over $2B USD1 Deal

J. Benjamin Greenberg, a former Circle software engineer, filed a derivative lawsuit in federal court in Washington on October 22 against Trump and others over two transactions linked to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser. The complaint challenges a Tahnoon-backed entity’s agreement to pay $500 million for 49% of World Liberty four days before Trump’s January 2025 inauguration, and MGX’s use of World Liberty’s USD1 stablecoin to settle a $2 billion Binance investment announced in May 2025. Greenberg sues on Circle’s behalf, alleging presidential influence steered stablecoin demand toward USD1 and away from Circle’s USDC, reducing reserve income. White House and World Liberty reject the claims; a spokesperson for Witkoff did not immediately respond.