Celsius Pays A $20 Million Debt To Aave

Despite continued concerns that crypto lenders could fall into disrepair, Celsius continues to reduce its liabilities to decentralized finance (DeFi) lending protocols, after clearing paid 20 million USD Coin (USDC) to Aave.

Celsius tries to regain position

The latest loan repayment was picked up by blockchain analytics firm Peckshield on Sunday, July 10, which shared a screenshot of the transfer of 20 million USDC from Celsius wallet to Aave Protocol V2.

Tracking platform Defi Zapper shows that Celsius still owes Aave about $130 million and $82,500 Ren (REN) to Aave, along with $85.2 million Dai (DAI) for the Compound protocol, for a total debt is $215 million.

Last week, the lending platform paid off its remaining $41.2 million in debt to the Maker protocol on July 7, freeing up over $500 million in Bitcoin (wBTC) collateral.

The debt relief is seen as a positive for Celsius depositors, who have been unable to access their crypto funds since withdrawals were halted on June 13, and fear of losing money if the company goes bankrupt.

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