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Standard Chartered Starts Ethena Coverage, Sees ENA Rising 8-Fold to $2 by End-2027
Summary
- Standard Chartered has initiated coverage of stablecoin issuer Ethena (ENA) for the first time.
- Standard Chartered said Ethena could rise to $2 by the end of next year, marking a nearly 8-fold increase from current levels.
- The bank said Ethena’s position at the intersection of perpetual futures, asset tokenization and the stablecoin market, along with its token buyback program, could support the price.
Forecast Trend Report by Period
Standard Chartered has initiated coverage of stablecoin issuer Ethena (ENA) for the first time.
Odaily reported on Sept. 30 that the bank expects Ethena’s token to rise to $2 by the end of next year. It marks Standard Chartered’s first published price outlook on Ethena.
According to CoinMarketCap, Ethena was trading at about $0.25 as of Sept. 30. That suggests the token could climb nearly eightfold from current levels by the end of next year.
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.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul