Standard Chartered sees Ethena’s USDe reaching $40B, ENA hitting $2
Standard Chartered forecasts Ethena's USDe stablecoin supply to reach $40B by 2028, with ENA token price target at $2. The bank expects USDe to outpace overall stablecoin market growth and ENA to outperform Bitcoin and Ether. USDe's yield sources have expanded beyond crypto markets, currently generating a 5.2% blended yield. Standard Chartered also predicts the tokenized asset market will grow to $4T by 2028, potentially fueling ENA buybacks.
How this was made
The 30-second read
Why it matters
The forecasts introduce new valuation metrics for a niche crypto ecosystem, offering traders fresh data to price ENA and assess USDe demand.
Market read
First analyst coverage of Ethena provides novel price targets and supply outlooks, creating actionable insight for crypto traders.
What to watch
Potential competition from other yield‑focused stablecoins and the impact of macro‑economic stress on crypto demand.
Background
Standard Chartered initiated coverage of Ethena, providing its first analyst price targets and supply forecasts for USDe and ENA.
Ticker impact
Standard Chartered set a 2028 price target of $2 for ENA and forecasts substantial buybacks as USDe supply grows.
likely upside as buyback volume rises relative to market cap
Buyback mechanism tied to supply milestones creates a floor and upside potential if price remains stable.
Market effects
Highlights growing institutional interest in yield‑bearing stablecoins and token buyback models.
May boost crypto activity in regions where USDe gains regulatory clarity.
Sets a benchmark for stablecoin supply growth that could influence global crypto liquidity.
Counterpoint
Buyback‑driven price support may be overstated if USDe yield sources underperform or regulatory risk rises.
Key entities
- Research FirmStandard Chartered
Issued the forecasts and price targets for ENA and USDe.
- Crypto ProtocolEthena
Issuer of the USDe stablecoin and ENA governance token.
