Standard Chartered Starts Ethena Coverage, Sees ENA Surging Eightfold to $2 by 2028

Standard Chartered has initiated coverage of stablecoin issuer Ethena.

Odaily reported on Sept. 30 that the bank expects Ethena's token to rise to $2 by 2028, marking Standard Chartered's first published price outlook on ENA.

According to CoinMarketCap, ENA was trading around $0.25 as of Sept. 30. That implies nearly an eightfold gain from current levels by 2028.

Standard Chartered said Ethena sits at the intersection of perpetual futures, asset tokenization and the stablecoin market. It added that growth in those markets, along with a recently introduced token buyback program, could support the token's price.

The bank said Ethena is the fourth-largest stablecoin issuer after Tether's USDT and Circle's USDC. Its synthetic dollar, USDe, was the fastest stablecoin to reach a $10 billion market capitalization, the report said.