Standard Chartered Sees Ethena's Stablecoin Scaling to $40B
Standard Chartered has launched coverage of Ethena's ENA token with an optimistic forecast for its growth. The bank predicts that Ethena's USDe stablecoin will reach $40 billion by the end of 2028, driven by yield strategies that go beyond traditional crypto basis trades.
The bank's valuation model is tied to a governance-approved fee switch that directs 95% of net revenue toward ENA buybacks once USDe reaches specified supply milestones. Standard Chartered estimates that this could support annual ENA buybacks of around $375 million when USDe reaches $25 billion in supply.
The bank's long-range assumptions also include a forecast for Bitcoin and Ether, with prices expected to reach $300,000 and $18,000 by the end of 2028. Within this context, Standard Chartered set ENA's year-end 2028 price target at $2, roughly seven times its current price.
The bank also notes that Ethena's potential to source yield could rise as more asset types become eligible for tokenization and institutional participation. The addressable market for tokenized assets is expected to expand from around $350 billion today to $4 trillion by the end of 2028.