Standard Chartered Sees Ethena Token Price Surge to $2 by 2028
Standard Chartered has initiated coverage of Ethena's token, ENA, and is more bullish on its prospects than those for Bitcoin (BTC) and Ethereum (ETH). According to the bank's analyst Geoff Kendrick, ENA could increase by around seven times to reach $2 by the end of 2028.
The firm has set a target price of $0.42 for 2026, $1.10 for 2027, and $2 for 2028. This represents an upside of approximately 900% from ENA's current price of around $0.2. In contrast, Standard Chartered predicts Bitcoin will hit $300,000 and Ethereum will reach $18,000 by the end of 2028.
Standard Chartered cites Uniswap (UNI) as a benchmark, noting that its annual buyback rate has been around 3% to 4%. To match this level of buybacks, ENA would need to increase by roughly seven times. The bank also expects USDe supply to exceed $40 billion by 2028.
The main risks to Standard Chartered's outlook are a slower pace of growth in yield-bearing stablecoins and slower growth in tokenized real-world assets, which USDe uses to generate yield. Ethena is the fourth-largest stablecoin issuer after Tether (USDT), Circle (USDC), and Sky USDS.