Standard Chartered Sees ENA Printing $2 By 2028 — Patience, Not Lambo, Required 🏦

Standard Chartered has launched its inaugural coverage of Ethena and its native $ENA token, projecting the token could reach $2 by the end of 2028 in a global research note. Standard Chartered analyst Geoff Kendrick said the forecast implies roughly 600% upside from the token's prevailing price. The bank framed the call around Ethena's USDe stablecoin, describing USDe as the fastest stablecoin to reach the $10 billion mark.

Kendrick pointed to Ethena's positioning at the intersection of perpetual contracts, tokenization, and stablecoins as the basis for the bullish outlook, adding that planned token buybacks could provide additional support. The Ethena Foundation had earlier disclosed that it bought out certain early investors in a move tied to those initiatives.

The coverage marks Standard Chartered's first formal research note on Ethena, placing the protocol alongside a small roster of crypto-native firms the bank has rated since expanding its digital-asset research efforts. Specific assumptions underpinning Kendrick's $2 target, including valuation multiples or revenue projections, were not disclosed in the cited summary.

$ENA traded alongside the broader market following the note's publication, with Standard Chartered's price target dated to the end of 2028. Ethena Labs did not immediately respond to requests for additional comment on the bank's projections.

Standard Chartered is a London-headquartered bank with operations across Asia, Africa, and the Middle East, and its digital-asset research team has issued notes on Bitcoin, Ethereum, and selected layer-1 networks prior to the Ethena coverage.