Standard Chartered Sets Price Target for Ethena's ENA Token at $2

Standard Chartered has set a year-end price target of $2 for Ethena's ENA token in 2028, representing roughly seven times its current value of around $0.28. This forecast is part of the bank's research on Ethena's synthetic dollar, USDe, which Standard Chartered expects to grow to $40 billion in supply by the end of 2028.

The bank initiated coverage of ENA with a roadmap that puts its price at $0.42 by the end of 2026 and $1.10 in 2027 before reaching the final leg higher, according to CryptoSlate. However, this growth depends on Ethena's ability to expand its yield sources beyond the crypto basis trade and increase USDe supply.

The fee switch approved by Ethena's governance directs 95% of qualifying net revenue toward ENA buybacks once USDe crosses specified supply milestones, starting at $7.5 billion. At this level, Standard Chartered estimates $375 million in annual buybacks, assuming a 6% gross protocol yield and a 25% net revenue take rate.