Over $1 trillion in US dollar banknotes were held by foreigners in early 2025, roughly half of all dollar notes outstanding, Fed staff estimate. The exact amount held abroad is not known, and the Fed note calls its figure most likely a conservative estimate.
How much cash is out there
At the end of 2025, $2,394.9 billion in US currency was in circulation, up from $758.8 billion at the end of 2005, more than three times as much (our arithmetic). The totals include Federal Reserve notes, US notes and currency no longer issued.
| Denomination | Value, billions of dollars | Notes, billions |
|---|---|---|
| $1 | 15.2 | 15.2 |
| $2 | 3.6 | 1.8 |
| $5 | 18.7 | 3.7 |
| $10 | 24.4 | 2.4 |
| $20 | 220.4 | 11.0 |
| $50 | 123.5 | 2.5 |
| $100 | 1,988.8 | 19.9 |
| $500 to $10,000 | 0.3 | 0.0004 |
| Total | 2,394.9 | 56.6 |
The $100 note dominates. It makes up about 83% of the value of US currency in circulation (our arithmetic) and about 35% of all notes, 19.9 billion of 56.6 billion (our arithmetic). There are more $100 notes in circulation than $1 notes, 19.9 billion against 15.2 billion.
How much is held abroad
Fed staff estimate that over $1 trillion in dollar banknotes were held by foreigners in the first quarter of 2025, roughly half of all dollar banknotes outstanding. In the note’s chart data, the foreign share rose from 36.4% at the end of 2002 to 44.5% in the first quarter of 2025.
The growth in foreign holdings slowed over the 2 years before the note, likely reflecting higher US interest rates, since cash pays no interest. The Fed note also points to dollar stablecoins, which seem to be used in place of banknotes in some developing countries; their total market value had reached about $220 billion by April 2025.
Cards and cash at home
At home, 82% of US adults had a credit card in 2025, compared with a high of 84% in 2021.
What the numbers do not say
The foreign holdings figure is a staff estimate, not a count, and the note’s text (“roughly half”) and its chart data (44.5%) round the share differently. The circulation figures count all notes outstanding, wherever they are. No current public estimate splits dollars held abroad by region or by denomination, so the earlier version’s regional shares, its Russia and Mexico flows and its shares of $100 and $20 notes held abroad are not updated.
The short version
About $2.4 trillion in US currency was in circulation at the end of 2025, most of it in $100 notes. Fed staff estimate that over $1 trillion of it, roughly half, was held by foreigners in early 2025.
Last checked: November 3, 2026, against Federal Reserve Board currency in circulation data for 2025, the FEDS Note The International Role of the U.S. Dollar, 2025 Edition, and the Fed report Economic Well-Being of U.S. Households in 2025. This article was machine-checked against the sources above and has not been expert-reviewed. Spotted an error or a newer public figure? Please tell us on our contact page with the article link and we will review it.
Sources
- S1 Board of Governors of the Federal Reserve System. Currency in Circulation: Value. Federal Reserve Board, Mar. 5, 2026. https://www.federalreserve.gov/paymentsystems/coin_currcircvalue.htm Accessed Nov 3, 2026.
- S2 Board of Governors of the Federal Reserve System. Currency in Circulation: Volume. Federal Reserve Board, Mar. 6, 2026. https://www.federalreserve.gov/paymentsystems/coin_currcircvolume.htm Accessed Nov 3, 2026.
- S3 Bertaut, Carol, Bastian von Beschwitz, and Stephanie Curcuru. The International Role of the U.S. Dollar, 2025 Edition. FEDS Notes, Federal Reserve Board, July 18, 2025. https://www.federalreserve.gov/econres/notes/feds-notes/the-international-role-of-the-u-s-dollar-2025-edition-20250718.html Accessed Nov 3, 2026.
- S4 Board of Governors of the Federal Reserve System. Economic Well-Being of U.S. Households in 2025: Credit. Federal Reserve Board, May 26, 2026. https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-credit.htm Accessed Nov 3, 2026.