Former RWA Company executive Max Glass has filed a lawsuit in the Delaware Chancery Court against his former partners, Gregory DiPrisco and Joseph Quintilian, alleging wrongful termination and misappropriation of a stablecoin project that he claims was developed under his leadership. Glass contends that the defendants engineered a plan to pressure him into signing away his rights, terminate his employment, and transfer the stablecoin initiative to a new entity called M0, thereby excluding him from ownership and potential profits.
In the complaint, Glass states that the M0 enterprise was built upon the relationship between RWA Company and German fintech CrossLend, which was established during his tenure. He alleges a pattern of concealment where the defendants hid the connections between RWA, CrossLend, and M0. The stablecoin project was aimed at creating a token backed by real-world assets, but instead of continuing under RWA, Glass claims DiPrisco and Quintilian quietly formed M0 to house the assets and secure investor funding, sidelining him.
M0 positions itself as a protocol and infrastructure provider for real-world asset tokenization and stablecoin issuance. It has facilitated the creation of several stablecoins, including MetaMask's mUSD, with a combined issuance of $325 million. The company recently closed a $40 million Series B funding round, bringing total fundraising to $100 million from investors like Polychain Capital and Ribbit Capital. Glass is seeking damages, restitution, and formal recognition of his interest in the venture, with legal claims including breach of fiduciary duty, breach of contract, and fraudulent inducement.
The case may hinge on discovery into M0's formation, contracts with CrossLend, and equity issuances, potentially setting a precedent for how founders protect their rights when projects evolve into funded companies.
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