The global financial system is changing, and this is directly challenging the long-standing dominance of the U.S. dollar. Rather than one world leader being replaced by another, we are witnessing the development of a heterogeneous multipolar architecture. This paper argues that a unitary currency will not take control of the next stage of this new monetary order. Rather, it is turning into a stratified ecosystem. The dollar remains strong but is gradually losing its relative significance. In the meantime, it is no longer just about the dollar, euro, and Yuan, but the world is warming up to a new form of competition: central bank digital currencies (CBDCs) are being experimented with, and investors and governments around the world are considering gold as a safe investment that is not confined to the politics of a single nation. Although this shift can help decrease dependence on a single currency, it increases the dangers of fragmentation and a decrease in coordination. These dangers are the reasons why more effective global monetary governance is necessary, which implies cooperation and institution-building to ensure systemic stability.