Standard Chartered Predicts $2 Price Target for Ethena's ENA Token by 2028

Standard Chartered has initiated coverage of Ethena's ENA token with a $2 price target for the end of 2028, implying roughly 700% upside from its current market price.

The bank expects ENA to benefit from three growing markets: perpetual futures, tokenization, and stablecoins. Ethena sits at the intersection of these areas, giving it exposure to expanding user needs.

USDe's growth has been a key factor in Standard Chartered's valuation case. The synthetic dollar popularized yield-bearing stablecoins after its launch and became the fastest stablecoin to reach a $10 billion market capitalization.