UsePaid Halts X Money Payments Amid Volume Spike Chaos

UsePaid, a Solana-based DeFi protocol, has suspended payments through its integrated digital banking service X Money due to 'payment issues' following a significant spike in volume.

The issue was triggered after UsePaid experienced a 26x increase in volume within a 24-hour period, reaching $1.54 million, which is unprecedented for the platform.

'X Money payments are currently paused while we work through payment issues,' UsePaid stated. 'Existing balances remain safe and fees will continue to accrue.' A web portal for claims has been set up as an interim solution until full payment service is restored.

This is not the first issue faced by X Money, which launched in July for US-based users subscribed to the Premium and Premium+ subscriptions. Earlier this month, it ran into interest issues when the New York Department of Financial Services informed the firm that it cannot pay bank account-like interest on non-bank account deposits of New York residents.