Celsius Network, a cryptocurrency lending platform, on Friday asked the court for permission to sell its Stablecoin holdings so that it can use the proceeds to generate funds for day-to-day operations. Celsius Network filed for Chapter 11 bankruptcy in July under the U.S. Bankruptcy Court for the Southern District of New York. According to Celsius disclosures it currently owns 11 types of Stablecoins which are worth a total of about $23 million. The hearing for this proposed request will happen on October 6 in New York.
