Standard Chartered has initiated research coverage on Ethena, according to a report issued by Geoff Kendrick, the bank’s global head of digital assets research. The report projects that ENA could rise to $2 by the end of 2028. It also describes Ethena as the world’s fourth-largest stablecoin issuer, behind Tether, Circle, and Sky. Standard Chartered said USDe, launched at the end of 2023, became the fastest stablecoin to reach a $10 billion market capitalization. The bank added that yield-bearing stablecoins currently account for about 5% of the broader stablecoin market and said that share is expected to grow as demand for yield increases. On the revenue side, the report said USDe has moved beyond its early dependence on crypto basis trading, which once delivered annualized yields above 20%, and has expanded into real-world assets and equity perpetual futures basis strategies. Standard Chartered also forecast that on-chain RWA could grow from about $40 billion today to $2 trillion by the end of 2028, which it said would support ENA buybacks and price appreciation.
Standard Chartered has formally initiated coverage on Ethena (ENA), according to a research report published by Geoff Kendrick, the bank’s global head of digital assets research. The report forecasts that the ENA token could reach $2 by the end of 2028.
The bank said Ethena is currently the world’s fourth-largest stablecoin issuer, behind only Tether, Circle, and Sky. Its stablecoin, USDe, launched at the end of 2023 and quickly became the fastest stablecoin to surpass a $10 billion market capitalization.
The report said yield-bearing stablecoins now make up about 5% of the overall stablecoin market. Standard Chartered expects that share to keep expanding as user demand for yield grows.
On the income side, the bank said USDe has gradually diversified away from its early reliance on crypto basis trading, a strategy that once offered annualized returns of more than 20%. It said USDe has expanded into real-world assets, or RWA, and equity perpetual futures basis strategies. Standard Chartered also projected that the on-chain RWA market will grow from about $40 billion currently to $2 trillion by the end of 2028, which the report said would support ENA’s buyback plan and token price gains.
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