Standard Chartered Sets $2 Target for Ethena Amid Decentralized Finance Focus

Standard Chartered has initiated coverage of Ethena (ENA), setting a target price of $2 for the end of 2028. The financial institution highlighted Ethena's buyback program and its position in perpetual contracts, tokenization, and stablecoins.

Ethena is described as the fourth-largest stablecoin issuer behind Tether, Circle, and Sky. Its ecosystem includes USDe, a stablecoin connected to the protocol.

The coverage, dated September 30, places Ethena among decentralized finance projects that have drawn attention for revenue generation, token repurchases, real-world assets, and stablecoins.