Standard Chartered Sees Ethena Token Price Soar to $40 Billion

Standard Chartered, a major financial institution, has made a bold prediction that Ethena's token price will surge from $2 to $40 billion. This forecast is based on the assumption that USDe, Ethena's tokenized dollar, will reach $40 billion by 2028 due to increased hedging options for institutional investors and distribution.

The report highlights that USDe earns a return from delta-neutral perpetual futures, funding rates, and tokenized basis trades, unlike traditional stablecoins. This diversification of yield strategies is expected to reduce reliance on volatile funding rates, which affected the prices of many stablecoins in 2026.

The forecast relies heavily on Ethena's buyback plan, where 95% of net revenues are used to purchase open-market ENAs, and the scaling of USSDe cash flow. Standard Chartered also expects USDe growth to accelerate due to convergence between DeFi and TradFi, reaching ~8x in the next two years.