As we reported earlier this month, with the next Xbox 360 update Microsoft was going to be abandoning its proprietary pricing scheme, Microsoft Points, and converting everything to the local currency of the user. The update is now available in the U.S.
After the update you will see prices for items in the store listed in prices based on your local currency, and any Microsoft Points that you have laying around will also be converted to dollars.
Xbox Live users can continue to buy, and redeem, Microsoft Point cards for some time yet, but they will eventually be replaced with Xbox Gift Cards.
Not everyone may see the update right away, as a Microsoft representative told Polygon that, "Today we started rolling out the official release of the 2013 Xbox Live Update. To ensure a stable release, this will be a gradual deployment across members and regions. Don't panic if you don't see an immediate update, just keep checking back in."
The update will eventually be available in all 41 Xbox Live marketplaces.