Overview of Key Overnight Developments on October 6

21:00 (UTC+8) - 7:00 Keywords: USD1, a16z, TikTok 1. The total cryptocurrency market capitalization has surpassed $4.3 trillion; 2. a16z: Crypto startups need to adopt enterprise-level sales strategies; 3. TikTok's transaction structure is under strict scrutiny by legislators; 4. The total stablecoin transfer volume reached a record high of $15.6 trillion in Q3 2025; 5. The total on-chain holdings of US spot Bitcoin ETFs account for 6.6% of the supply; 6. Trump advisor: If there is no progress in government shutdown negotiations, layoffs will begin; 7. NYDIG questions the transparency of the reserve report for the Trump family stablecoin USD1.