Standard Chartered Sees Ethena's ENA Token Surpassing Bitcoin and Ethereum Returns by 2028

Standard Chartered has initiated coverage of Ethena's ENA token with a $2 year-end 2028 target, up from its current price of about $0.28.

The bank expects ENA to rise sevenfold by 2028, provided the protocol can rebuild its shrinking synthetic-dollar business and expand its yield opportunities beyond crypto derivatives.

Ethena's USDe supply has shrunk by more than half from its peak, but Standard Chartered forecasts a rebound, reaching $40 billion by 2028, allowing ENA to outperform Bitcoin and Ethereum returns over the same period.