Standard Chartered Sees SKY as Potential Altcoin Star

Standard Chartered, a major British banking giant, has been keeping an eye on altcoins with upside potential, including Bitcoin and Ethereum. In its latest report, the bank highlighted SKY, the native token of DeFi platform Sky (formerly MakerDAO), as one to watch. According to Standard Chartered's Global Head of Digital Asset Research, Geoff Kendrick, SKY resembles a 'federal bank' due to its issuance of stablecoins, governance structure, and wholesale interest rates charged from borrowers.

Kendrick emphasized that wider adoption of USDS and growth in lending volumes are key factors supporting the upside potential for SKY. If this scenario materializes, he believes SKY could provide returns similar to Ethereum by 2028 and even outperform Bitcoin. In fact, if bullish scenarios come to fruition, Kendrick stated that SKY could become one of the most remarkable performing tokens in the DeFi sector.

In addition to its views on altcoins, Standard Chartered maintained its long-term bullish outlook for both Bitcoin and Ethereum. The bank forecasts Ethereum's price to be $18,000 by the end of 2028, while Bitcoin is expected to reach $300,000 during the same period.