Yes, US currency also smells very bad.

However, the US seems very aggressive about replacing worn bills. This may be related to the fact that so much of our currency goes in and out of automated machinery these days, and people don't hang on to cash very long.

Anecdotally, bills today seem much tidier than they did when I was a kid. Of the dozen bills in my pocket right now, none is older than 2006, and none are crumpled.