Evolving Role of Cash

At the Future of Cash conference in November, a number of presentations gave context to what is happening to cash around the world.

Global overview of cash use

Cash in circulation is estimated to be $9,823 billion worldwide. To give a sense of scale, the market capitalisation of the crypto ecosystem is $4,194 billion and stablecoins $166 billion, so cash usage continues to be significant.

While cash in circulation gives only an indication of what is happening to cash usage, it is interesting to note that even in OECD countries in 2024 cash in circulation increased 1.8%. In non-OECD countries cash increased 14.4%.

Cash in the US

The Federal Reserve explained how it could be that cash in circulation was rising, stable and falling all at the same time.

Rising: the aggregate demand for cash continues to rise in the US with the value in circulation up 2.6% year on year to September 2025.