Standard Chartered initiates coverage of Ethena (ENA) with a $2.00 end-2028 price target, implying ~8x upside from current levels.
DeFi & Yields ·
Standard Chartered initiated coverage of Ethena's ENA token with a $2 price target for end-2028, representing approximately 8x upside potential from current levels. The bank's analysis positions Ethena at the intersection of perpetual contracts, tokenization, and stablecoins, noting that USDe became the fastest stablecoin to reach $10 billion in market capitalization since launching in late 2023. Standard Chartered ranks Ethena as the fourth-largest stablecoin issuer overall and second-largest in yield-bearing stablecoins, forecasting that on-chain real-world asset scale will expand from roughly $40 billion to $2 trillion by end-2028, benefiting ENA's buyback program and valuation.