DCUC Conference 2026: Treasury--Cash Isn't Going Away, Bureau Unveils Currency Overhaul
By CU Today Staff —
AVENTURA, Fla.—As credit unions prepare for a future shaped by stablecoins and digital payments, Acting Bureau of Engraving and Printing Director Michael Brown delivered a different message Wednesday: Don't count out cash. Brown told attendees at the Defense Credit Union Council Annual Conference that demand for U.S. currency remains strong worldwide and that Treasury is investing billions to ensure the dollar remains the world's most trusted form of money.
Jason Stverak (L) interviews Michael Brown.
Speaking during a conference general session, Brown said demand for U.S. currency remains strong despite the growth of digital payments. The Bureau is preparing to produce approximately 5.6 billion new banknotes in its next annual production cycle, with about 95% replacing worn or damaged currency rather than expanding the money supply. That translates to roughly 15.7 million notes each day, 656,000 per hour, 10,900 per minute and 182 every second, illustrating both the scale of the nation's currency operation and the continuing reliance on cash around the world. Brown noted the vast majority of newly printed notes simply replace currency that has become worn through circulation.
During a conversation with DCUC Chief Advocacy Officer Jason Stverak, Brown acknowledged the industry's growing focus on digital assets but said physical currency remains indispensable during emergencies and disruptions. While credit cards, cryptocurrencies and digital payment apps may dominate everyday commerce, "if the power goes out," he said, cash is often the only payment method that continues to work.
Brown encouraged consumers to carry some cash and keep a reserve at home, noting that confidence in the U.S. dollar remains one of America's greatest economic advantages because it serves as the world's reserve currency. He added that Treasury is actively promoting international adoption of the dollar through its "Strong Dollar" initiative and said global demand remains robust, noting roughly 70% of all $100 bills in circulation are held outside the United States, where governments, businesses and wealthy families rely on them as a stable store of value.
Brown also outlined the Bureau's largest currency modernization effort in more than a decade. The agency will begin rolling out its new "Catalyst Series" banknotes next year, starting with redesigned $10 bills, followed by new $50 notes in 2028 and a redesigned $100 bill after that. He said the new $100 note will include more than 300 security features, up from roughly 270 today, as the Bureau works to stay ahead of increasingly sophisticated counterfeiters. The current $100 bill, introduced more than 13 years ago, is the longest-serving note design in Bureau history without a major security refresh, making the overhaul long overdue, Brown said. He added that an extensive global education campaign involving credit unions, banks, retailers and manufacturers of cash-handling equipment will precede the rollout to ensure consumers recognize the redesigned notes and merchants can authenticate them.
The Bureau is also preparing for a significant infrastructure upgrade. Brown revealed the Treasury Department is evaluating locations for a new $2.5 billion to $3 billion currency production facility that would replace the Bureau's aging, 120-year-old Washington, D.C., plant with a modern counterpart to its Fort Worth, Texas, operation. He described the existing Washington facility as outdated compared with the Fort Worth plant, which he called the global standard for currency production. The new facility, he said, is intended to ensure the United States can continue producing the world's reserve currency securely and efficiently for decades to come while staying ahead of counterfeit threats and supporting confidence in the dollar.
Originally reported by CU Today.