Standard Chartered forecasts the Ethena crypto USDe supply will grow eightfold to $40Bn by the end of 2028 and has initiated coverage of ENA with a $2 target, roughly seven times the $0.28 reference price in its report.
The forecast puts a valuation question ahead of the price target: can diversified yield and buybacks scale quickly enough to support that repricing?
The bank expects USDe to slightly outpace the broader stablecoin market, while its forecasts imply ENA will outperform Bitcoin and Ether through 2028.
Those are projections, not assured returns; their connection depends on the protocol expanding revenue and directing enough of it toward token demand.
