Standard Chartered Predicts Ethena Token Price to Hit $2 by End-2028

Standard Chartered initiated coverage of Ethena's ENA token on September 30, forecasting it to reach US$2 by the end of 2028. This target is about seven times the current price of US$0.28 cited in their note.

The bank estimates that the supply of Ethena's USDe stablecoin could reach US$40 billion by the end of 2028, making it one of the largest stablecoins issued. According to Standard Chartered, this growth will be driven by tokenized real-world assets on blockchains, which are expected to reach US$2 trillion by the same date.

Under Ethena's governance rules, buybacks of ENA tokens begin only when the circulating supply of USDe reaches a milestone of US$7.5 billion. CoinGecko showed that about 4.87 billion USDe is in circulation as of Thursday.