Sky Token to Rise Fivefold by 2028, Standard Chartered Predicts

Standard Chartered has published a research report forecasting that Sky's (SKY) token could rise roughly fivefold by the end of 2028. The bank expects this growth to track Ethereum's gains while outperforming Bitcoin over the same period.

The forecast is based on Standard Chartered's prediction that the overall stablecoin market will reach $2 trillion by the end of 2028. Sky, formerly known as MakerDAO, has built its model around USDS, a dollar-backed stablecoin, alongside yield-bearing sUSDS. The bank describes the ecosystem as resembling a decentralized banking system, with Sky issuing stablecoins and setting governance rules.

Standard Chartered's forecast depends heavily on Sky expanding the amount of USDS circulating through its agent network. The current borrowing caps for Spark, Grove, and Obex total $17.5 billion, compared to $5.9 billion of existing borrowings. Geoff Kendrick, Standard Chartered's Global Head of Digital Assets Research, estimates that reaching those limits could generate another two to three times growth.