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Standard Chartered initiated coverage of Ethena with a $2 ENA target by the end of 2028, implying about 669% upside from the token’s $0.26 price on Wednesday. The bank expects USDe supply to grow from $4.9 billion to about $40 billion over the same period, more than eightfold.
Why it matters
The forecast depends on Ethena broadening how it generates yield as returns from the crypto basis trade have fallen. Standard Chartered pointed to real-world assets, DeFi and institutional lending, liquid stablecoins, and equity- and commodity-linked basis trades as newer sources. Ethena has also used Binance’s tokenized bStocks as spot backing for USDe, hedging exposure through Binance equity perpetuals.
Ethena’s fee switch, approved with 100% of votes, directs 95% of net revenue across its businesses to programmatic ENA buybacks. At $40 billion in USDe supply and ENA still at its current price, Standard Chartered estimates annualized buybacks would equal about 23% of ENA’s circulating value. The bank argues ENA would need to appreciate for that rate to settle at a sustainable level.
Market impact
Standard Chartered compares the thesis with Uniswap, where the annualized buyback rate has settled around 3% to 4% since its fee switch activated in December 2025. The bank says UNI has roughly tripled since coverage began in June, with the higher price helping reduce the share of supply bought back.
The wider opportunity is also part of the case: Standard Chartered forecasts tokenized assets, including stablecoins and other real-world assets, will grow from about $350 billion today to $4 trillion by the end of 2028. Slower growth in yield-bearing stablecoins is the main risk to the ENA forecast, with weaker on-chain deployment of real-world assets another potential constraint.
Frequently asked questions
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What price target did Standard Chartered set for ENA?
The bank forecast ENA would reach $2 by the end of 2028. From the $0.26 price cited on Wednesday, that implies about 669% upside.
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How much does Standard Chartered expect USDe supply to grow?
The bank expects USDe supply to increase from $4.9 billion to about $40 billion by the end of 2028, more than eightfold.
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How does Ethena’s fee switch direct revenue toward ENA?
The fee switch directs 95% of net revenue generated across Ethena-branded businesses to programmatic ENA buybacks.
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Why does Standard Chartered say ENA would need to appreciate?
At $40 billion in USDe supply and ENA at its current price, estimated annualized buybacks would equal about 23% of circulating value. The bank argues a higher ENA price would bring that rate to a more sustainable level.
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What does Standard Chartered identify as the main risk to its ENA forecast?
The main risk is slower-than-expected growth in yield-bearing stablecoins. Weaker deployment of real-world assets on blockchains is an additional risk.
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