Standard Chartered sees Ethena’s USDe reaching $40B, ENA hitting $2
Standard Chartered expects Ethena’s USDe supply to rise eightfold to $40 billion by end-2028 as the protocol broadens yield sources beyond crypto basis trades into DeFi lending, real-world assets, and equity/commodity basis trades. The bank initiated ENA coverage with a 2028 price target of $2, about 7x the cited $0.28 level, and expects USDe to slightly outgrow the broader stablecoin market. It also forecasts BTC at $300,000 and ETH at $18,000 by end-2028. The key valuation driver is ENA buybacks: once USDe reaches set milestones, 95% of net revenue is directed to token buybacks. Standard Chartered says $40 billion in USDe could make buybacks equal roughly 23% of ENA’s circulating market cap if the token price stayed flat, implying upward price pressure. The bank expects buyback intensity to normalize as ENA rises, similar to UNI’s experience.
