This paper examines the accelerating global momentum behind central bank digital currencies (CBDCs), exploring how central banks are responding to the twin pressures of financial digitalization and geopolitical competition. It provides a comprehensive analysis of the motivations driving CBDC development from enhancing payment system efficiency and financial inclusion to preserving monetary sovereignty in the face of private digital currencies. Through a comparative lens, the paper analyzes divergent CBDC models — retail, wholesale and hybrid — adopted across advanced and emerging economies, with particular attention to design features, operational challenges and strategic objectives. It also evaluates multilateral initiatives such as Project mBridge and Project Dunbar, highlighting their potential to transform cross-border payments and recalibrate global financial power. The paper concludes by assessing the key risks of CBDC implementation, including privacy, cybersecurity and financial disintermediation and explores the future trajectory of CBDCs as programmable policy tools within an evolving digital monetary order. The findings underscore that while the path to global CBDC adoption is complex and fragmented, the direction is clear: digital sovereign money is likely to play a central role in shaping the next era of international finance.