Standard Chartered Sets $2 Target for Ethena’s ENA by 2028

Standard Chartered has set a year-end 2028 price target of $2 for Ethena’s ENA token and forecast that the protocol’s USDe stablecoin supply will reach about $40 billion by then, linking its outlook to growth in USDe and recurring token buybacks. The forecasts come from the bank’s research coverage and are projections, not guaranteed outcomes. The bank’s target implies a rise of roughly sevenfold from the price near $0.28 cited in one account of the report. Standard Chartered also expects USDe supply to expand more than eightfold from about $4.9 billion, a figure reported as its current level, and to slightly outpace growth in the broader stablecoin market through 2028. The valuation case depends in part on Ethena broadening the sources of returns backing USDe. Standard Chartered said declining returns from the crypto basis trade, which pairs holdings of spot crypto with short positions in perpetual futures, have encouraged expansion into institutional lending, decentralized finance, tokenized assets and basis trades linked to equities and commodities. The bank cited a blended yield of 5.