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Standard Chartered sets $2 ENA target, linking it to USDe scale

Standard Chartered initiated coverage of ENA with a $2 year-end 2028 target, assuming Ethena can rebuild synthetic-dollar supply that has fallen by more than half from its peak.

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Standard Chartered initiated coverage of Ethena’s ENA token and expects it could rise about sevenfold by 2028, depending on whether the protocol can reverse a decline in its synthetic-dollar business, CryptoSlate reported. The bank set a $2 year-end 2028 target for ENA, up from roughly $0.28 currently.

In its outlook, Standard Chartered projected ENA at $0.42 by the end of 2026 and $1.10 in 2027 before accelerating further in 2028. The firm said that outcome would imply ENA outperforming its expected gains for Bitcoin and Ethereum over the same period, but only if Ethena can stop the contraction in USDe supply.

Standard Chartered’s thesis also hinges on Ethena finding new sources of yield as returns from its original crypto trading strategy decline, and generating enough revenue from a much larger USDe base to increase ENA’s value to holders. CryptoSlate noted that USDe, launched in late 2023, grew to over $10 billion after traders adopted a structure combining long spot crypto positions with short perpetual futures to capture funding payments.

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