The announcement, made Tuesday, revealed that the Sui Foundation will take a stake in MoviePass as part of the deal, though specific terms were not disclosed.
Jeremy Allaire, CEO of Circle, Chia on the X platform (formerly Twitter) that USDC – the second-largest stablecoin by market Capital – will be launched on Sui in the coming weeks.
In addition to stablecoin payments, Sui and MoviePass also plan to offer subscribers “ on-chain rewards” based on their engagement. Users will also have the opportunity to:
- Buy “unique digital collectibles”
- Participate in “fan Staking” activities
- Contribute financially to film production
“Web3 is key to making XEM more accessible, while also helping it reach a broader audience by increasing fan engagement and rewarding them with digital assets that can be converted into physical value,” emphasized Stacy Spikes, CEO of MoviePass.
Sui is a blockchain designed to handle multiple transactions concurrently. It uses the Move programming language, originally developed by Facebook (now Meta) as part of the now-canceled Libra project. Sui 's concurrent transaction processing capabilities promise high performance and good scalability for applications like MoviePass.
The partnership between Sui and MoviePass marks a major step forward in integrating blockchain technology into the entertainment industry. By offering features such as stablecoin payments, on-chain rewards, and Non-Fungible Token, MoviePass is leveraging the potential of Web3 to create new and engaging experiences for users.
Circle 's launch of USDC on Sui also opens the door for other applications on the Sui ecosystem, paving the way for the growth of DeFi and other decentralized financial services on the platform.
With these moves, Sui and MoviePass are helping to reshape the way users interact with entertainment content, while also accelerating the adoption of blockchain technology in everyday life.
The article Sui Partners With MoviePass To Introduce Payments With Stablecoin USDC appeared first on Coin79 - Update Coin News and Crypto Investment Knowledge .
