Standard Chartered initiates Ethena coverage, sees ENA at $2 by 2028

Standard Chartered initiates Ethena coverage, sees ENA at $2 by 2028

Ethena's USDe reached a $10 billion market cap faster than any other stablecoin, according to the bank.

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by Vivian Nguyen

Standard Chartered has started coverage of Ethena’s ENA token with a $2 end-2028 price target. ENA was trading at about $0.26 at press time, putting the target roughly 669% above its current price.

The bank sees Ethena benefiting from growing demand for yield-bearing stablecoins and the expansion of tokenized assets across DeFi and traditional finance.

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Ethena is currently the fourth-largest stablecoin issuer and the second-largest issuer of yield-bearing stablecoins. Its USDe stablecoin reached $10 billion in market capitalization within nine months of launch, initially generating yield through the crypto basis trade before expanding into real-world assets, DeFi lending, institutional lending, liquid stablecoins and equity and commodity basis trades.

Standard Chartered expects the tokenized-asset market to grow substantially through 2028, giving Ethena more room to scale.

Ethena has also introduced a buyback-and-burn program that directs 95% of net revenue toward ENA purchases and burns. Standard Chartered forecasts USDe’s outstanding supply could reach $40 billion by 2028, which would make the buyback program increasingly meaningful for ENA.

However, the outlook could face risks from slower adoption of yield-bearing stablecoins and weaker RWA growth, the bank noted.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
DEFI
Standard Chartered initiates Ethena coverage, sees ENA at $2 by 2028
Standard Chartered initiates Ethena coverage, sees ENA at $2 by 2028

Ethena's USDe reached a $10 billion market cap faster than any other stablecoin, according to the bank.

by Vivian Nguyen

Share

Add us on Google

Standard Chartered has started coverage of Ethena’s ENA token with a $2 end-2028 price target. ENA was trading at about $0.26 at press time, putting the target roughly 669% above its current price.

The bank sees Ethena benefiting from growing demand for yield-bearing stablecoins and the expansion of tokenized assets across DeFi and traditional finance.

Advertisement

Ethena is currently the fourth-largest stablecoin issuer and the second-largest issuer of yield-bearing stablecoins. Its USDe stablecoin reached $10 billion in market capitalization within nine months of launch, initially generating yield through the crypto basis trade before expanding into real-world assets, DeFi lending, institutional lending, liquid stablecoins and equity and commodity basis trades.

Standard Chartered expects the tokenized-asset market to grow substantially through 2028, giving Ethena more room to scale.

Ethena has also introduced a buyback-and-burn program that directs 95% of net revenue toward ENA purchases and burns. Standard Chartered forecasts USDe’s outstanding supply could reach $40 billion by 2028, which would make the buyback program increasingly meaningful for ENA.

However, the outlook could face risks from slower adoption of yield-bearing stablecoins and weaker RWA growth, the bank noted.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.