Ex-RWA Exec Sues Over M^0 Stablecoin Rights

Max Glass, a former executive at crypto infrastructure and consulting firm RWA Company, has initiated legal proceedings against his former colleagues, Gregory DiPrisco and Joseph Quintilian, accusing them of orchestrating what he describes as a ‘scheme of coercion, fraudulent inducement, and subsequent breaches of both fiduciary duty and contract.’ According to the complaint filed in Delaware Chancery Court, Glass alleges he was wrongfully terminated and pressured into relinquishing his rights as RWA Company pursued stablecoin development opportunities without him. The lawsuit contends that DiPrisco and Quintilian, as controlling fiduciaries of RWA Company LLC, breached their duties of loyalty and candor by appropriating a valuable corporate opportunity—a new stablecoin product developed in collaboration with the company’s key partner, CrossLend GmbH.

The core of Glass’s complaint revolves around the claim that the M^0 enterprise was not merely inspired by the RWA Company-CrossLend relationship but was fundamentally built upon it. CrossLend, a German fintech startup specializing in digitizing and standardizing loan data, provided the technological bridge enabling on-chain protocols to consume mortgage and debt information. Glass alleges that RWA Company’s work with CrossLend to develop a stablecoin venture was deliberately diverted to form a new entity that later rebranded to M^0, effectively cutting Glass out from the financial upside of the stablecoin business. He further claims a ‘pattern of concealment’ over several years, obscuring the precise relationship between RWA Company, its founders, and M^0, with his inquiries about potential mergers going unanswered.

M^0 has emerged as a significant player in the stablecoin infrastructure space, backed by a prestigious roster of investors including Bain Capital, Galaxy, Wintermute Ventures, ParaFi, HackVC, Anthony Scaramucci’s Salt, and Polychain. The company’s technological capabilities were prominently demonstrated in August when it helped launch MetaMask’s native stablecoin, MetaMask USD (mUSD). Underlying mUSD’s operations is Bridge, Stripe’s stablecoin arm, which handles issuance, licensing, and reserve management, with M^0 integrated as part of Bridge’s tech stack to support minting and interoperability features.

This integration highlights M^0’s role in facilitating real-world asset (RWA) integration into decentralized finance (DeFi), a growing trend where traditional financial assets are tokenized and brought on-chain. Glass’s lawsuit underscores the value of this technology, noting that the stablecoin product developed from the RWA Company-CrossLend partnership has evolved into a platform enabling multi-million-dollar stablecoin projects. The success of M^0 in securing high-profile partnerships and investor backing underscores the significant financial stakes involved in the litigation, with Glass seeking disgorgement of all gains derived from what he alleges was wrongful conduct.

In his lawsuit, Glass is seeking multiple forms of relief, including punitive damages from the defendants, rescission of his termination, disgorgement of all gains from the alleged ‘wrongful conduct,’ and an injunction preventing DiPrisco and Quintilian from selling, transferring, distributing, or otherwise encumbering their ownership interests in the M^0 enterprise. These demands reflect the substantial value Glass attributes to the stablecoin business he claims was wrongfully taken from him and the RWA Company.

The case also sheds light on Glass’s prior contributions to the DeFi ecosystem. He states that he was responsible for writing the Maker Improvement Proposal that led to Huntingdon Valley Bank securing a $100 million stablecoin loan through MakerDAO, a major DeFi protocol and the issuer of the USDS stablecoin, formerly known as DAI. This background positions Glass as an experienced professional in the RWA and stablecoin space, adding credibility to his claims of understanding the value and potential of the technology developed with CrossLend.

This lawsuit emerges against a backdrop of rapid growth and increasing legal scrutiny in the stablecoin and real-world asset sector. As projects like M^0 gain traction and attract substantial investment from traditional finance heavyweights like Bain Capital, disputes over intellectual property, corporate opportunities, and fiduciary responsibilities are likely to become more common. The outcome of this case could set important precedents for how fiduciary duties and corporate opportunities are interpreted within the evolving legal framework governing cryptocurrency and DeFi enterprises.