Standard Chartered initiated coverage on a stablecoin-linked token Wednesday, expecting it to outpace both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) through 2028.
The Token Standard Chartered Is Betting On
Standard Chartered wrote in a September 30 research report that Ethena’s ENA (CRYPTO: ENA) token carries a $2 price target for end-2028, implying roughly 614% upside from the report’s reference price of $0.28.
The bank ranks Ethena as the fourth-largest stablecoin issuer behind Tether (CRYPTO: USDT), Circle (NYSE:CRCL), and Sky, and notes its USDe stablecoin became the fastest to reach a $10 billion market cap.
Yield-bearing stablecoins currently make up about 5% of the total stablecoin market, and Standard Chartered expects that share to grow as users chase returns alongside stablecoin utility.
The bank projects USDe’s supply could reach $40 billion by the end of 2028, up from initial reliance on the crypto basis trade, now expanded into real-world assets and equity perpetual futures strategies.
How the Buyback Program Fits In
Ethena’s buyback-and-burn program directs 95% of net revenue toward purchasing and burning ENA tokens.
Standard Chartered argues a larger USDe supply generates more revenue, which funds larger buybacks, tightening ENA’s supply while demand grows alongside it.
Here’s how the bank’s year-end price targets compare across all three assets:
| Year-end | ENA | ETH | BTC |
| 2026 | $0.42 | $4,000 | $100,000 |
| 2027 | $1.10 | $10,000 | $200,000 |
| 2028 | $2.00 | $18,000 | $300,000 |
Standard Chartered flagged slower adoption of yield-bearing stablecoins as the main risk to its forecast, along with weaker-than-expected growth in tokenized real-world assets, which could limit USDe’s backing assets and yield strategies.
ENA Price Prediction: Key Levels to Watch
ENA breaks out hard Wednesday, up 8% after tagging $0.2807, extending a sharp reversal off August’s basing lows near $0.08.
Price rides the upper Bollinger Band at $0.3014 and trades well above every major EMA, confirming a full trend reversal after months of decline.
With price stretched above the bands, some cooling looks likely before the next leg higher.
Key levels for ENA:
- $0.28 to $0.30 — resistance zone, upper Bollinger Band
- $0.22 — 20-day EMA, closest dynamic support
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