Standard Chartered Sees Sky Token Surging Five Times By End Of 2028

Standard Chartered has taken a long-term bullish view on the SKY token, governance token of the DeFi protocol formerly known as MakerDAO. The bank's global head of digital assets research, Geoffrey Kendrick, sees the token surging five times by the end of 2028.

Kendrick estimates that the value returned to holders through staking rewards and buybacks could grow fivefold by late 2028 if the Sky ecosystem and outstanding USDS expand. This would lift the token price by a similar multiple, reaching $0.325 per SKY token.

The forecast is based on two stages: first, a larger surplus buffer allowing Sky to send more existing income to holders; second, unused agent capacity raising protocol income two to three times if spreads hold.

Kendrick compares the growth of yield-bearing stablecoins, such as USDS, to the broader stablecoin market, which is expected to reach $2 trillion by 2028. The main risk is slower growth in these coins than assumed, but broader stablecoin growth would help.