Standard Chartered forecasts Ethena's USDe at $40B and ENA at $2 by 2028
Standard Chartered sets 2028 targets for Ethena
Standard Chartered has started covering Ethena's ENA token with a price target of $2 by the end of 2028, according to a research report shared with Cointelegraph. The bank also expects Ethena's USDe stablecoin — a cryptocurrency designed to hold a steady value — to reach $40 billion in supply by then.
The report cites a token price of $0.28, meaning the target would be roughly seven times higher. Standard Chartered expects USDe supply to grow eightfold and slightly outpace the wider stablecoin market.
Key forecasts and assumptions
- USDe supply to reach $40B by end of 2028.
- ENA price target of $2 by end of 2028.
- Standard Chartered sees Bitcoin at $300,000 and Ether at $18,000 by the same date.
- The bank forecasts tokenized assets growing from about $350B today to $4T by end of 2028.
What Standard Chartered says about USDe's yield
The bank said falling returns from USDe's crypto basis trade — holding spot crypto while shorting perpetual futures, or betting on price declines using crypto contracts without a set expiry date — have pushed Ethena into new yield sources. These include DeFi (decentralized finance) and institutional lending, real-world assets, and basis trades linked to equities and commodities. Standard Chartered said these sources currently produce a blended yield of 5.2%, giving USDe more room to scale.
How USDe growth could drive ENA buybacks
A fee switch approved by Ethena governance in early September directs 95% of net revenue from its business lines toward ENA buybacks once USDe reaches certain supply milestones. At $25 billion in USDe supply, Ethena estimates the mechanism could generate $375 million in annual ENA buybacks, assuming a 6% gross protocol yield and a 25% net revenue take rate.
Standard Chartered estimates that if USDe reaches $40 billion and ENA's price stays unchanged, annual buybacks could equal roughly 23% of ENA's circulating market value. The bank said that would likely be unsustainable and expects ENA's price to rise until buybacks settle at a lower share. It compared ENA with Uniswap, whose annualized buyback rate has stabilized at around 3% to 4%.
Recent ENA price data
According to CoinGecko data cited in the report, ENA traded at about $0.27 on Wednesday, up roughly 28% over the past week and 77% over the past month. Its market capitalization was about $2.65 billion.
What is confirmed
Standard Chartered published these forecasts in a research report. ENA's recent price and market capitalization come from CoinGecko data cited in the report. The fee switch and its terms were approved by Ethena governance, according to the report.
What is still unclear
The $2 ENA target and $40 billion USDe forecast are projections, not confirmed outcomes. They depend on assumptions such as future USDe supply levels, protocol yields, and buyback rates. The bank's estimates represent its own analysis and may not match actual results.
Why it matters
Standard Chartered's report links ENA's potential value directly to USDe's growth and the size of future token buybacks. The forecast also implies ENA could outperform Bitcoin and Ether through 2028, but that is the bank's view, not a guarantee.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.