Standard Chartered says Ethena’s ENA could crush Bitcoin and Ethereum returns by 2028
Standard Chartered initiated coverage of Ethena’s ENA token with a $2 year-end 2028 target, roughly seven times its current price near $0.28. The forecast depends on USDe supply recovering from about $4.9 billion to $40 billion, supported by new yield sources as returns from Ethena’s original funding-rate strategy have weakened. Ethena’s fee-switch framework would direct 95% of qualifying net revenue paid to the foundation toward ENA buybacks, but it begins only when USDe supply reaches $7.5 billion. The bank’s valuation also assumes expanding tokenized-asset markets and revenue from newer businesses. Key risks include restoring USDe’s former $10 billion-plus peak, sustaining competitive yields at scale, and balancing buybacks against returns to sUSDe holders.
