Daily Market Wrap | Nov. 06

Canada's Budget 2025 announces stablecoin legislation mandating 1:1 reserves and Bank of Canada oversight, praised by crypto groups for fostering innovation and payments competition.

The U.S. government shutdown has hit a record 36 days, delaying the crypto market structure bill to 2026 despite Trump's push for 2025 passage, as furloughs hinder legislative progress.

Bitcoin Cash has surged to $491.80, fueled by European session buying after breaking $487 resistance, with analysts eyeing $500 amid a broader crypto rebound.

Robinhood's third-quarter crypto trading revenue surged by 339% to $268 million, with a trading volume of $80 billion. This performance drove an earnings beat for the company, despite a 2% dip in its after-hours share price.

Ripple announced a pilot program at Swell 2025 to utilize its RLUSD stablecoin for near-instant Mastercard credit card settlements on the XRP Ledger. The company is partnering with Gemini and WebBank in an effort to revolutionize fiat payments.

Citi and DTCC have affirmed that tokenized collateral enables live, 24/7 cross-border transactions. They are urging regulators to harmonize standards to facilitate interoperability and scaling of these systems.

Paradigm is leading a $6 million seed funding round for Harmonic, a company building an open block system. This system will enable Solana validators to source blocks from multiple builders in real-time, aiming for speeds comparable to Nasdaq.