diff --git a/CHANGELOG.md b/CHANGELOG.md
index 861c5037..42463f66 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,14 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.1.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
+## 0.50.0 - May 20, 2026
+### Added
+- Reasoning effort control for supported models: Low, Medium, or High from the model picker to balance response speed and quality.
+- Added internal support for upcoming usage-based billing, including billing updates for the usage panel, usage notifications, and model picker. This will be visible to the user once usage-based billing rolls out.
+
+### Changed
+- Bring Your Own Key (BYOK) is now generally available.
+
 ## 0.49.0 - May 15, 2026
 ### Added
 - Native Anthropic Messages API (`/v1/messages`) endpoint support.
diff --git a/README.md b/README.md
index 5cfeeabf..74db8114 100644
--- a/README.md
+++ b/README.md
@@ -2,6 +2,15 @@
 
 [GitHub Copilot](https://github.com/features/copilot) for Xcode is the leading AI coding assistant for Swift, Objective-C and iOS/macOS development. It delivers intelligent Completions, Chat, and Code Review—plus advanced features like Agent Mode, Next Edit Suggestions, MCP Registry, and Copilot Vision to make Xcode development faster and smarter.
 
+> [!IMPORTANT]  
+> Starting from version v0.50.0, we have added internal support for the upcoming usage-based billing experience, including experience updates to the usage panel, usage notifications, and model picker. These changes will become visible once usage-based billing is rolled out. 
+> 
+> To ensure compatibility with the new billing experience, we strongly recommend upgrading to the latest plugin version as soon as possible: 
+> 
+> * **GitHub Copilot for Xcode: v0.50.0 or later**
+> 
+> Clients using older plugin versions will continue to function. However, the billing and usage experience may not be optimal and may not accurately reflect the latest usage-based billing experience. 
+
 ## Chat
 
 GitHub Copilot Chat provides suggestions to your specific coding tasks via chat.
diff --git a/ReleaseNotes.md b/ReleaseNotes.md
index 787aab78..3c922d4a 100644
--- a/ReleaseNotes.md
+++ b/ReleaseNotes.md
@@ -1,12 +1,13 @@
-### GitHub Copilot for Xcode 0.49.0
+### GitHub Copilot for Xcode 0.50.0
 
 **🚀 Highlights**
 
-- **Native Anthropic Messages API**: Adds support for the native Anthropic Messages API (`/v1/messages`) endpoint, enabling direct integration with Anthropic-compatible providers.
-- **Thinking in Chat**: Reasoning-capable models can now show their thinking process in chat for greater transparency.
-- **Better Rate Limit Feedback**: Enhanced notifications and error messages help you understand and respond to rate limit events.
+- **Reasoning Effort**: Control how deeply reasoning-capable models think before responding. You can now select reasoning efforts directly from the model picker for supported models, letting you balance response speed against answer quality.
+
+- **Bring Your Own Key (BYOK) is now Generally Available**: Bring Your Own Key support has graduated from preview and is now available to all users. Configure your own API keys for third-party models directly in Copilot for Xcode settings.
 
 **💪 Changes**
 
-- Refined the tool call item UI in agent progress for a cleaner, more readable layout.
-- Updated Copilot language server to 1.465.5.
+- Added internal support for upcoming [usage-based billing](https://github.blog/news-insights/company-news/github-copilot-is-moving-to-usage-based-billing/), including billing updates for the usage panel, usage notifications, and model picker. This will be visible once usage-based billing rolls out.
+
+    We **strongly recommend** upgrading to this version as soon as possible.