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Aug 8, 2023 • 4 min read

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New U.S. Troop Deployment:

The Pentagon has deployed over 3,000 US military personnel to the Red Sea in response to Iran's interference with international vessels. The USS Bataan and USS Carter Hall, two American warships, have arrived in the area to enhance maritime capabilities and secure global shipping in the Gulf and Mideast operations.
These forces will address regional tensions caused by Iran's disruptive activities and seizures of merchant vessels. The warships are equipped for quick deployment of Marines, helicopters, and other assets. This move comes after more than 20 international tankers were seized or harassed by Iran's military over the past two years, particularly in the vital Strait of Hormuz.
Last week, the Pentagon revealed a plan to deploy Marines as security guards on commercial tankers in the Strait of Hormuz. However, there are legal obstacles since the Marines will interact with foreign vessels that may not grant permission to board. It's also unclear whether the Marines would only guard US-flagged tankers or those from Western allies like the UK.
Tehran responded to these developments by initiating surprise naval drills last week. The exercises aimed to demonstrate the Iranian Navy's strength and readiness to protect the Persian Gulf's security and the Iranian islands.

PayPay Stablecoin:

Payment giant PayPal recently announced the launch of its own stablecoin named PayPal USD (PYUSD). This stablecoin is pegged to the US dollar and is backed by cash equivalents and short-term treasuries. PayPal's CEO, Dan Schulman, has driven this initiative, intending to bring significant change to the payments landscape.
The key characteristics of PYUSD include its redeemability for dollars at all times, and it's not just confined to its peg to the US dollar. PYUSD will also act as a conduit to a variety of other cryptocurrencies available on PayPal's extensive network. In its history with cryptocurrencies, PayPal first showed its openness towards them in October 2020.
The company later introduced a feature allowing users to store, buy, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Then, in June 2022, PayPal extended its cryptocurrency services, enabling users to transfer their cryptocurrencies to external wallets. The introduction of PYUSD marks another significant step in PayPal's growing engagement with cryptocurrencies.

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