FRANKFURT, Germany, Dec. 28 (UPI) -- The U.S. dollar bill is being usurped by the euro as the world's favorite form of cash, a report says.

The value of euro notes in circulation is like to exceed the value of dollar bills, reaching $800 billion at current exchange rates by the end of the year, The Financial Times reported. About $759 billion in U.S. dollars was circulated in October, the latest month for which estimates exist.

The change reflects the euro's remarkable growth since the currency's launch Jan. 1, 2002, three years after the start of Europe's monetary union, the newspaper said.

The European Central Bank does not promote the use of the euro beyond its 12 member countries -- which will grow to 13 Monday with the addition of Slovenia, the former Yugoslav republic -- but it has become popular in official foreign exchange reserves.

The U.S. dollar is still the world's most popular reserve currency.

Fast growth in the highest-denomination euro notes, especially the 500-euro note, has raised suspicions they are popular among criminals, the newspaper said.