Standard Chartered Sees Sky Token Price Soar Fivefold by 2028

Standard Chartered has initiated coverage of Sky's SKY token and set a price target of $0.325 by the end of 2028, representing a fivefold increase from its current value.

The bank's global head of digital assets research, Geoff Kendrick, likened Sky to a 'federal bank' due to its issuance of stablecoins, governance framework, and wholesale interest rates for borrowers.

Sky is the third-largest stablecoin issuer behind Tether and Circle, and it offers yield-bearing stablecoins with significant demand, according to DeFiLlama data.