Standard Chartered Sees SKY Token Rising Fivefold by End-2028

Standard Chartered Bank has initiated coverage of DeFi platform Sky, formerly MakerDAO, and is forecasting that its SKY token will rise fivefold to $0.325 by the end of 2028 from about $0.065 currently.

The bank calls Sky 'DeFi's federal bank' because it issues stablecoins, creates a governance framework, and charges a wholesale rate of interest to borrowers.

According to Standard Chartered's global head of digital assets research, Geoffrey Kendrick, Sky would be akin to a central bank in the off-chain world, issuing currency (USDS and DAI), setting governance rules for the agents, and lending money at wholesale interest rates.

Kendrick expects growth in Sky's USDS stablecoin business and a larger share of income going to token holders through staking rewards and buybacks. He estimates that the value Sky passes on to SKY token holders will increase 5x by end-2028 from today’s level, driven by growth in both the Sky ecosystem and USDS outstanding.