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

Standard Chartered has initiated coverage of Ethena's ENA token with a price target of $2 by the end of 2028. This represents a roughly 669% increase from its current price of around $0.26.

The bank believes that growing demand for yield-bearing stablecoins and the expansion of tokenized assets across DeFi and traditional finance will benefit Ethena.

Ethena is currently the fourth-largest stablecoin issuer, with its USDe stablecoin reaching $10 billion in market capitalization within nine months of launch. The bank forecasts that the outstanding supply of USDe could reach $40 billion by 2028, making Ethena's buyback-and-burn program increasingly meaningful for ENA holders.