Standard Chartered Sees 669% Upside for Ethena's ENA Token

Standard Chartered has initiated coverage of Ethena's ENA token, forecasting it will reach $2 by the end of 2028.

The bank expects a roughly 669% upside from the current price of $0.26, implying significant growth potential for the stablecoin issuer.

Ethena is expanding its yield-generating asset base and buyback program, which Standard Chartered sees as key drivers of future growth.

The bank also expects Ethena's USDe outstanding supply to grow more than eightfold, from $4.9 billion today to about $40 billion by the end of 2028.