Sui, the Layer 1 network based on Meta’s defunct blockchain experiment, is partnering with MoviePass to offer users the ability to pay for the movie subscription platform using Circle’s USDC stablecoin, the companies announced on Tuesday.
The Sui Foundation will also take an equity stake in MoviePass as part of the arrangement, though the terms of the deal are undisclosed.
Circle plans to launch USDC, the second-largest stablecoin by market capitalization, on Sui in the coming weeks, according to a post from CEO Jeremy Allaire on X.
In addition to stablecoin payments, Sui and MoviePass plan to offer subscribers “on-chain rewards” for their engagement as well as the ability to purchase “unique digital collectibles” and “fan staking.” Users will also be able to help fund films, according to the press release.
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“Web3 is key to making moviegoing more accessible, and enabling it to reach a wider audience through deeper fan engagement and rewarding them through digital assets that can turn into physical value,” MoviePass CEO Stacy Spikes said.
Sui is a blockchain designed to process multiple transactions simultaneously. It uses the Move programming language initially designed by Facebook as part of the company’s aborted Libra project.
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