The euro is the currency used by the Institutions of the European Union and is the official currency of the eurozone, which consists of 18 of the 28 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Lithuania is adopting the euro as its official currency in place of the lithuanian litas on 1 January 2015. The currency is also officially used by a further four European countries, and unilaterally by two others, and is consequently used daily by some 334 million Europeans as of 2013. Outside of Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally, 210 million people worldwide as of 2013—including 182 million people in Africa—use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of August 2014, with more than €995 billion in circulation, the euro has the highest combined value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar.