Standard Chartered Sees Sevenfold Jump for Ethena ENA Token by 2028

Standard Chartered has made headlines by forecasting that Ethena's ENA token will rise to $2 by the end of 2028, a sevenfold jump from current levels. This prediction is more bullish than the bank's estimates for Bitcoin (BTC) and Ethereum (ETH). According to Geoff Kendrick, the analyst behind this forecast, Ethena's use of 95% of net revenue to buy back and burn ENA tokens will reduce vesting-related selling pressure.

Standard Chartered also expects USDe supply to exceed $40 billion by 2028, up from $4.9 billion currently. This growth in stablecoin supply will enable Ethena's annual buybacks to reach around 23% of ENA's total supply at the current price. However, the bank believes that this level is unsustainable and expects ENA's price to rise to a point where buybacks become sustainable.

For context, Standard Chartered has predicted Bitcoin will hit $300,000 and Ether will reach $18,000 by the end of 2028. Uniswap (UNI) was cited as a benchmark for Ethena's growth, with its price roughly tripling after the bank began covering it in June 2026.

The main risks to Standard Chartered's outlook are slower growth in yield-bearing stablecoins and slower growth in tokenized real-world assets. These factors could impact Ethena's ability to achieve its forecasted growth.