Standard Chartered forecasts SKY token rising fivefold by 2028

Standard Chartered has initiated coverage of the SKY token with a bullish price target of $0.325 by the end of 2028, representing a fivefold increase from its current price. The forecast was issued in a report by Geoff Kendrick, the bank's global head of digital assets research, who compared the decentralized finance platform to a "federal bank" for its ability to issue stablecoins, establish a governance framework, and charge wholesale interest rates to borrowers. The analysis, published on September 11, 2026, is based on Sky Protocol's role as a major stablecoin issuer and its revenue model. Sky, formerly known as MakerDAO, is the third-largest stablecoin issuer behind Tether and Circle, and the largest issuer of yield-bearing stablecoins. Its yield-bearing product, sUSDS, has attracted approximately $4.5 billion in total value locked and offers an annual percentage yield of about 3.6%, according to data from DeFiLlama. Kendrick's thesis centers on the growth of Sky's USDS stablecoin and the expansion of its lending activity. The protocol lends its USDS stablecoin to a group of agents, which deploy the capital into yield-generating strategies.