Standard Chartered Sees ENA Token Surging 614% by End of 2028

Standard Chartered has initiated coverage on Ethena's ENA token and is expecting it to surge by as much as 614% by the end of 2028.

The bank ranks Ethena as the fourth-largest stablecoin issuer, behind Tether, Circle, and Sky, and notes that its USDe stablecoin became the fastest to reach a $10 billion market cap.

ENA's price target is set at $2 by the end of 2028, up from the current reference price of $0.28, with Standard Chartered expecting the token to outperform both Bitcoin and Ethereum in the same period.

The bank attributes the expected growth to a larger USDe supply, which generates more revenue for Ethena's buyback-and-burn program, tightening ENA's supply while demand grows.