Ethereum-Based Stablecoin Issuer ENA Could Surge 600%: Standard Chartered
Standard Chartered initiated coverage on Ethena's ENA token, setting a $2 price target for 2028, implying 614% upside from $0.28. The bank ranks Ethena as the fourth-largest stablecoin issuer and expects its USDe stablecoin supply to reach $40 billion by 2028. ENA's price surged 8% to $0.2807, with key resistance at $0.30 and support at $0.22.
How this was made
The 30-second read
Why it matters
The coverage introduces a new price target and underscores the token’s revenue‑driven scarcity, likely prompting speculative buying.
Market read
First‑report analyst endorsement with a 614% upside target could drive short‑term buying interest in ENA.
What to watch
Regulatory scrutiny of yield‑bearing stablecoins and potential liquidity constraints on buybacks.
Background
Standard Chartered’s research report highlights ENA’s buyback‑and‑burn mechanism and projects USDe supply to $40 bn by 2028.
Ticker impact
Standard Chartered initiated coverage on ENA, issuing a $0.28 reference price and a $2 target for end‑2028.
potential upside as market prices in the $2 target and buyback‑and‑burn program.
First‑report analyst report with explicit price target and revenue‑linked buyback creates new buying incentive.
Market effects
Yield‑bearing stablecoins may attract more capital, benefiting the broader stablecoin ecosystem.
USDe growth could increase demand for ENA globally, especially in markets adopting tokenized assets.
Higher stablecoin yields could shift investor allocation from traditional DeFi assets to ENA.
Counterpoint
If USDe supply growth stalls or real‑world asset backing weakens, ENA could face downward pressure.
Key entities
- analystStandard Chartered
Research firm providing coverage and price target for ENA.
- issuerEthena
Issuer of the ENA token and USDe stablecoin.
