Standard Chartered Note Continues to Drive Interest in Sky (SKY)

Standard Chartered's research note on Sky (SKY) has continued to drive interest in the asset, leading to a modest ~3 percentage point move over the last 28 hours. The bank's digital assets research head, Geoff Kendrick, framed Sky as 'DeFi's federal bank' and projected that the SKY token could rise roughly fivefold by 2028.

The note highlighted Sky's expansion of the USDS stablecoin and protocol revenues, as well as its lending and yield architecture via agents like Spark, Grove, and Obex. This has led to a sustained bullish sentiment around Sky, with many traders and investors still digesting the implications of the research note.

One widely shared post on X noted that Sky already runs about $6.71 billion in USDS, roughly 2.2% of the stablecoin market, and holds about $5.6 billion in TVL, compared to a SKY market cap of only about 0.22x the stablecoin supply it backs.

Another thread explained that Sky's tokenomics under 'Stage 2' create a recurring buyer for SKY each month the protocol generates net surplus, with 27.5% of surplus spent buying SKY on the open market and a portion burned.